Closing Bell: Viacom Board Shakeup; U.S. Stocks Stage Late Recovery

U.S. stocks snapped a five-session losing streak in a surprise late-stage comeback on Thursday. After steady losses over the past week, investors felt recent threats such as a possible Brexit may have been priced in. A Brexit would still have far-reaching consequences, though, among them a steep drop in the London Stock Exchange's FTSE 100. Morgan Stanley gives a Brexit a 55 percent chance and said the FTSE could drop 16 percent if it comes to pass. Viacom (VIAB) - Get Report spiked on reports Sumner Redstone's National Amusements has sacked five directors, including CEO Phillipe Dauman from the board. Redstone's privately-held company is a controlling shareholder of the media conglomerate.