Navigating Uncharted Waters

Markets around the world continue to feel the pain of last Thursday’s Brexit referendum. The FTSE 100 (London’s Stock Exchange with the highest market capitalization) fell another 2.55 percent yesterday. The pound hit a 31-year low against the dollar, although it edged a bit higher this morning. Two credit agencies, including Standard & Poor’s, cut Britain’s AAA credit rating to AA, with a negative outlook. This comes despite Chancellor of the Exchequer George Osborne’s attempt to sooth investor concerns in a speech Monday morning.

In the U.S., the Dow and S&P 500 fell back into negative territory, and global U.S. banks seem to be taking a hit in the face of uncertainty. Bank of America shares were down six percent on Monday, and Goldman Sachs and JPMorgan Chase shares were both down two percent.