Stocks Regain Positive Footing As Reports of Brexit Vote Suspension Follow Lawmaker's Death
A suspension in Brexit campaigning after a British member of parliament was fatally shot Thursday stemmed a five-day losing streak on Wall Street. Stocks were lower for the majority of the day as lingering concerns about the upcoming UK referendum, lowered U.S. growth projections by the Federal Reserve, and continued selling pressure on oil drove the Dow Jones Industrial Average more than 100 points lower at the open.
Equities remained mired in negative territory until the shooting death of British MP Jo Cox earlier today encouraged UK prime minister David Cameron to halt Brexit campaigning, igniting rumors that the referendum would be postponed from June 23.
The reaction lifted the Dow to 17,752 and the S&P 500 off of support at 2,050 to just shy of 2,080 before Thursday's close. Defensive sectors were still outperforming but consumer and healthcare stocks were playing catch-up.
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