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Stocks drop ahead of Brexit vote

Wednesday, June 22, 2016 - 01:17

Stocks lost gains and closed in the red on concerns ahead of Britain's Thursday vote on whether to leave European Union. Bobbi Rebell reports.

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The countdown to the vote on whether Britain will leave the European Union captured the markets attention. Despite early gains, stocks lost steam as tensions rose ahead of Thursday's vote. Barrow Funds David Bechtel: SOUNDBITE: DAVID BECHTEL, PRINCIPAL, BARROW FUNDS (ENGLISH) SAYING: "Is this the first domino to leave? What happens if they lose any access to the EU on a favorable trade basis? So a lot of unknowns. I think that level of uncertainty concerns people and rightly so." Speaking before congress for a second day, Fed Chair Janet Yellen said she had not scheduled any special meetings to respond to the Brexit vote. Telsa shares fell a day after announcing plans to buy SolarCity. Shares of the solar panel company rose. Elon Musk, who is CEO of Tesla and chairman of SolarCity, says the combination will save money for both the electric car maker and the power generation company. Low mortgage rates boosted U.S. home sales to a nine-year high. The 30-year fixed rate mortgage averaged just 3.6 percent in May, the lowest level since 2013 according to mortgage finance company Freddie Mac. European shares ended with gains but off the highs of the day after a poll rekindled concerns that Britain may vote on Thursday to leave the EU.

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Stocks drop ahead of Brexit vote

Wednesday, June 22, 2016 - 01:17