Wall Street, global stocks tumble after Britain votes to leave EU

The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy.

The British vote brought a huge dose of uncertainty to financial markets, something investors loathe.

Traders responded by dumping riskier assets that appeared to have the most to lose from disruptions in financial flows and trade: banks, technology companies and makers of basic materials.

More shares were traded than on any day since August 2011, when Standard & Poor’s downgraded the credit rating of the U.S. government during a crisis over the budget and the country’s debt ceiling.

“This vote is a step away from free trade,” said Bob Doll, chief equity strategist Nuveen Asset Management.

When you add to it the specter of the last couple of years of terrorism, it causes the average individual ... to be more nationalistic, more populist, more protectionist.

The vote only begins the process of Britain’s departure from the EU, and it also begins years of negotiations over Britain’s trade, business and political links.

“This is a negative in economic terms” for the United Kingdom, said David Kelly, chief global strategist at JPMorgan Asset Management.

Japan’s Nikkei 225 finished a wild day down 7.9 percent, its biggest loss since the global financial crisis in 2008.

Hong Kong’s Hang Seng index tumbled 4.4 percent and stocks in Shanghai, Taiwan, Sydney, Mumbai and Southeast Asian countries were sharply lower.