Worst day in 10 months as Wall Street reacts to 'Brexit'

The S&P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain's decision to leave the European Union caught traders wrong-footed. 

In the busiest trading volume for a single session in nearly five years, financial stocks .SPSY led the decline on the S&P 500 with a 5.4 percent drop -the largest for the sector since November 2011. 

The S&P 500 lost all the year's gains and suffered its largest decline since late August last year.

Equity futures neared an 11-month high to start the overnight session as markets wrongly bet that the "Remain" camp would prevail in Britain's referendum, but sold off sharply as the results showed otherwise - even triggering a market stop put in place to curtail volatility. 

The Dow Jones industrial average fell 611.21 points, or 3.39 percent, to 17,399.86, the S&P 500 lost 76.02 points, or 3.6 percent, to 2,037.3, and the Nasdaq Composite dropped 202.06 points, or 4.12 percent, to 4,707.98.

The weekly declines in the S&P 500 and Dow industrials, both off 1.6 percent, were the largest since February, and the Nasdaq's 1.9 percent drop was marginally lower than the previous week's. 

Volume in US exchanges hit 15.3 billion as the trade-heavy reconstitution of the Russell indexes crossed at the market close. It was the highest volume since August 2011 according to Bats Global Markets and compares with the daily average of 6.8 billion over the last 20 trading sessions. 

Declining issues outnumbered advancing ones on the NYSE by a 5.47-to-1 ratio, and on the Nasdaq, a 5.20-to-1 ratio favored decliners. The S&P 500 posted 28 new 52-week highs and 12 new lows; the Nasdaq recorded 33 new highs and 107 new lows.

                   

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