NEW YORK (AP) " Britain's decision to leave the European Union is having a huge effect on financial markets Friday, sending many assets plunging and a few soaring as traders try to gauge the fallout for the British and European economies and beyond.
Investors aggressively sold stocks in Europe, Asia and the U.S. as well as the British pound, and piled into safe-play investments like U.S. government bonds, utility stocks and gold, sending those prices higher.
LOSERS:
THE POUND: The British pound took a huge loss, plunging more than 10 percent from about $1.50 to $1.35, then recovered somewhat, as investors worried that Britain's departure would hurt its economy and diminish London's role as a global financial hub. The pound touched its lowest level since 1985.
BANKS: Many banks use London as a center for European operations, but that's likely to change as Britain extracts itself from the EU. Also, long-term interest rates are dropping as investors pile into U.S. government bonds, making lending less profitable. U.S. banking stocks fell far more than the rest of the market. Industry bellwether JPMorgan Chase tumbled 7 percent.