Midday Report: Banks Take a Tumble on 'Brexit' Vote, Crude Slumps

Global markets, including Wall Street, were in free-fall as the pro-exit results of a British referendum sent equities, crude oil, and currencies into a spiral. The Dow saw its biggest decline in ten months, while the S&P 500 declined by its most since September. Large fluctuations in the currency markets pulled crude oil prices sharply lower. A higher U.S. dollar relative to foreign currencies deters demand for U.S. oil as it becomes more expensive overseas. Major banks were hit hard by the Brexit news as they looked down the barrel of two years of operational renegotiations across Europe. Major financial institutions such as UBS (UBS) - Get Report , HSBC (HSBC) - Get Report , Deutsche Bank (DB) - Get Report and Royal Bank of Scotland (RBS) - Get Report were sharply lower. Finish Line was one of the few stocks in rally mode. The footwear retailer jumped after reporting an expected 3% to 5% increase in comparable store sales over the full year.