Stocks Dropped for Second Day after Brexit Vote

U.S. stocks closed sharply lower on Monday, as investors continued to dump assets perceived as risky in the wake of the U.K.’s vote to leave the European Union. The Dow Jones Industrial Average dropped 260.51 points, or 1.50%, to 17,140.24. The S&P 500 fell 36.87 points, or 1.81%, to 2,000.54. The Nasdaq Composite lost 113.54 points, or 2.41%, to 4,594.44.

S&P Global Ratings cut the U.K.’s top credit grade by two levels after the country voted to leave the European Union last week. S&P lowered the rating to AA from AAA, citing the risk of a less predictable, stable, and effective policy framework in the U.K.

Crude prices tumbled nearly 3 percent on Monday, with Brent hitting seven-week lows, as a rallying dollar and market uncertainty over Britain’s shocking vote to exit the European Union. Brent settled down $1.25, or 2.6 percent, at $47.16 a barrel. U.S. crude fell $1.31, or 2.8 percent, to settle at $46.33.