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Wall St. continues downward spiral

Monday, June 27, 2016 - 01:28

Stocks took a dive on Monday, extending losses from Friday after Britain's shocking vote to leave the European Union. Bobbi Rebell reports.

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Reaction to Britain's decision to leave the European Union continuing to take down stocks around the world, and the U.S. is no exception. All the major U.S indexes now in negative territory for 2016. Jack Ablin is the chief investment officer at BMO Wealth Management U.S.: SOUNDBITE: JACK ABLIN, CHIEF INVESTMENT OFFICER, BMO WEALTH MANAGEMENT U.S. (ENGLISH) SAYING: "I think we just need to have some sort of direction in terms of the bigger picture. In other words do we have politicians step up and say this is what the game plan is going to be or do we still have no leadership you know Cameron has said it is going to be up to the next prime minister. We really don't see much leadership in either the European Union or UK to say ok I'm in charge here and this is what we are going to do. " Bank stocks among the biggest drags, with JP Morgan and Bank of America among the worst hit. The dollar having its best two-day percentage gain since 2008, dealing a blow to U.S. companies that get a large portion of sales from overseas. The moves lower follow steep losses in Europe, where financials were also hit hard. Medical device maker Medtronic is buying HeartWare International for $1.1 billion, a 93 percent premium to Friday's close. Chipotle stock fell despite launching a new rewards program called Chiptopia to bring back customers after a string of food safety lapses last year.

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Wall St. continues downward spiral

Monday, June 27, 2016 - 01:28