Market Recap for 23rd Jun 2016 – Today is the day!

By Markus Heitkoetter

Stock ended the day sharply higher.

Today the U.K. referendum started, and by the time the markets closed there weren’t any results yet.

However, the final round of preliminary Brexit polls indicated that the “Remain” group held a lead over the “Leave” camp in today’s highly anticipated Brexit vote.

Traders from around the world seem to like the news, and both European and US exchanges posted solid gains.

Here’s where the major indices ended the day:

  • The S&P finished with a 1.34% gain. Up 28 points, the S&P ended at 2,113.
  • The DOW ended 1.29% higher. Gaining 230 points, the DOW closed at 18,011.
  • The NASDAQ was up 1.59%. With a 77 point gain, the NASDAQ finished at 4,910.

The “Brexit” has been the only talk in town since late last week, especially after the Bank of Japan and FOMC left everything “as is” into the UK vote.

Crude Oil (CL) jumped back above $50 per barrel to 2-week highs. Crude Oil was up 2.0% toady and therefore extended its weekly gain to 4.4%.

Results of the UK “Brexit” vote are expected between 2:00 AM-3:00 AM EST if all things go according to plan, so let’s see what happens and how the markets will react.

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