U.S. stocks crash, as Brexit-inspired volatility pushes Dow down 600

Investing.com -- Stocks on Wall Street closed sharply lower, as the sell-off in U.S. equities accelerated in the final hour of the session, after investors digested the impact of a historic decision by voters in the U.K. to approve a departure from the European Union.

The Dow Jones Industrial Average plunged 611.21 or 3.39% to 17,399.86, suffering its worst one-day sell-off since last August when China rattled global markets by unexpectedly devaluing the yuan. The S&P 500 Composite index fell 76.02 or 3.60% to 2,037.30, erasing all of its gains on the calendar year. Stocks in nine of 10 sectors closed in the red, as the Financial, Technology and Basic Materials industries lagged, each falling by more than 4%. Stocks in the interest rate sensitive Utility sector led, closing slightly higher for the day.

The NASDAQ Composite index, plummeted 202.06 or 4.12% to 4,707.98, experiencing its worst one-day decline since August, 2011. Following the losses, the NASDAQ ended the week in correction territory.

It came amid wild fluctuations on global markets, as the Vix Volatility Index spiked more than 45% to an intraday high of 26.19. The Vix reached its highest level since February 11 when it peaked above 30 after oil futures and the S&P 500 each slumped to multi-year lows. In that session, JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon triggered a prolonged rally among the major indices when he invested a personal stake of $26.6 million in company stock in an effort to inspire investor confidence. At the same time, energy traders also reacted to reports that Saudi Arabia and Russia agreed in principle to a comprehensive production freeze, which eventually collapsed two months later.

Meanwhile, investors had to contend with a rebalancing of the Russell 2000 at the end of Friday's session, which provided further volatility.

The top performer on the Dow was Wal-Mart Stores Inc (NYSE:WMT), which fell 0.14 or 0.19% to 71.96. Walmart finished just ahead Verizon Communications Inc (NYSE:VZ), which lost 0.23 or 0.42% to 54.44. The telecommunications giant appealed to some investors looking for a safer play due to its high dividend yield. The worst performer was Goldman Sachs Group Inc (NYSE:GS), which tumbled 10.80 or 7.07% to 141.86. A host of top financial stocks fell considerably on the session after shares in European banks closed down by approximately 20%. Nike (NYSE:NKE) shares lost 1.53 or 2.83% to 52.59, remaining down by 16% over the last three months. The athletic apparel giant derives roughly 20% of its revenue from sales in the euro area.

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The top performer on the NASDAQ was O'Reilly Automotive Inc (NASDAQ:ORLY), which added 3.41 or 1.29% to 267.66. In total, only three performers on the NASDAQ 100 closed in the green. The worst performer was Priceline.com Incorporated (NASDAQ:PCLN), which crashed 158.06 or 11.37% to 1,232.14, due primarily to its exposure to the euro. Shares in Skyworks Solutions Inc (NASDAQ:SWKS) and NXP Semiconductors NV (NASDAQ:NXPI) were also among the session's most disappointing performers, as the Philadelphia Semiconductor Index fell nearly 6%. Apple Inc (NASDAQ:AAPL), which generated 22% of its sales in Europe last year, fell 2.70 or 2.81% to 93.40.

On the New York Stock Exchange, declining issues outnumbered advancing ones by a 2,579-492 margin.