It's been a wild week for stocks. Wall Street began the week in sharp decline after the shock of the prior week's pro-Brexit vote, before snapping into recovery mode.

The Brexit selloff on Friday, June 24 and again this past Monday wiped out $3 trillion in global market capitalization. Such a steep descent over just two sessions then presented traders with opportunity to pick up heavily oversold equities.

"Global markets quickly shifted into a risk-off mode starting on Friday the 24th, and carried the negative momentum through Monday's trading session," said Paul Springmeyer, senior vice president and investment managing director at The Private Client Reserve of U.S. Bank. "We view this negative market action to be a response to the unexpected outcome ... rather than a negative statement concerning economic fundamentals or a sense that a major recession is now likely."

Since Tuesday, stocks have managed to wipe out much of the Brexit selloff. That's also thanks to a spike in speculation that the turmoil in Europe will delay a rate hike in the U.S. and increase the chances of monetary stimulus from global central banks. The protracted time for an exit from the EU -- likely at least two years -- also gave investors a reason to buy back in in the near term.

Since Monday, the S&P 500 has added 3.22%, the Dow Jones Industrial Average rose 3.15%, and the Nasdaq climbed 3.28%.

The United Kingdom voted for an exit from the European Union by a slim margin on Thursday, June 23. The results blindsided global markets which had bet on the likelihood the U.K. would opt to remain in the EU. The results will have major political and economic implications for the region over the next two years and beyond as the country negotiates how exactly it will separate from the 28-nation bloc.

The U.K. likely will require further easing in monetary policy to support its economy in the wake of the Brexit news, Bank of England Gov. Mark Carney said Thursday. Carney noted that the U.K. is suffering from "economic post-traumatic stress disorder" after the results of the Brexit referendum came in on Friday. 

Crude oil closed with weekly gains of 2.8% after falling then rallying alongside equities. The commodity ended the second quarter on Thursday with gains of 26%, its best quarterly performance since 2009, thanks to disruptions to global oil production, particularly in Canada, Nigeria and Venezuela.

In economic news, manufacturing activity in the U.S. in June appeared to recover at a steady pace. The ISM Manufacturing Index and Markit's U.S. PMI Manufacturing Index both showed improvement, a sign the sector had overcome a rough start to the year as the headwinds of a stronger U.S. dollar and weaker global demand began to ease. 

First-quarter U.S. gross domestic product was raised to 1.1% growth in the third and final reading. First-quarter GDP has previously been estimated at 0.8%. Consumer spending was reduced, while exports were revised to show a slight gain over a previously estimated decline.

The U.S. economy suffered an economic slowdown at the beginning of the year as cautious consumers opted to save rather than spend, a strong U.S. dollar and weaker overseas demand hampered U.S. manufacturing, and energy prices continued to weigh on the sector.

Car sales mainly came in strong in June. For June, Ford (F - Get Report) vehicle sales rose thanks to strength in its truck segment, and Fiat Chrysler (FCAU - Get Report) reported an increase on strong demand for its Jeep brand. General Motors (GM - Get Report) was the weak one of the bunch, reporting a 1.6% decline in U.S. sales in June. The drop was steeper than an expected 1.3% decline. 

In deals news, Hershey (HSY - Get Report) unanimously rejected a takeover offer from Mondelez International (MDLZ - Get Report) and showed no interest in any further discussion. LionsGate (LGF)  agreed to purchase Starz (STRZA)  for $4.4 billion. The long-rumored pairing brings together two companies in which billionaire executive John C. Malone has stakes. 

The Fed said 31 out of 33 bank capital-return plans had been approved on Wednesday. Among them, Morgan Stanley (MS - Get Report) authorized a $3.5 billion stock buyback plan and hiked its quarterly dividend to 20 cents a share from 15 cents, Capital One (COF - Get Report) said it expects $2.5 billion in stock buybacks by the second quarter of 2017, and U.S. Bancorp (USB - Get Report) announced a $2.6 billion repurchase program.