Brexmageddon: Dow down 400 points

brexitThanks to Brexit, Britain’s vote to leave the European Union, financial markets are reeling.

This needs a name. Is Brexmaggedon taken?

By 11 a.m., the Dow was down more than 400 points, or 2.24 percent.

Markets rose Thursday on hopes the “remain” vote would prevail, but that’s not the way the actual vote went.

“Let the uncertainty begin,” said Mike Strawhecker & Jared Drieling of the Strawhecker Group, which tracks the payment industry. Like many others, the payment industry is affected not only by the huge rewriting or renegotiation of trade rules for commerce involving Britain and Europe, but also generally by a possible economic slowdown as consumers spend and use cards less. “With 23% of global card purchase transactions occurring in Europe, the shockwaves will be felt.”

The markets will eventually sort this out.

In the meantime: Sorry, 401Ks.

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