Brexit: What does it mean?
By David J. Haas CFP®
The news will be filled today with stories about Brexit. As of 9:32AM today, the FTSE 100 index (100 largest stocks on the London Stock Exchange) is down 3.51%, recovering from a much larger drop at the open. The US stock market has just opened, with the S&P 500 down 2.64%.
For those of you who have not been paying attention to our friends in the UK and Europe, Brexit is an acronym for “British Exit”. Exit what? Britain was voting on exiting the European Union or EU. This was a referendum, held yesterday in the UK, on whether Great Britain remains in the EU or starts the process of leaving the EU. Although there were world-wide connotations to this vote, it was actually an internal political matter in Great Britain. Even though the vote was quite close, the British voters have decided to leave the EU.