Post-Brexit Complacency May Be a Mistake

The day before the UK voted to leave the European Union, the S&P 500 closed at 2113. Last Friday, it closed just under 2103, less than 0.5 percent lower. Even more surprising, through trading on Monday of this week, the FTSE 100 index of UK equities is actually higher by almost 3 percent than it was before the vote. The EuroStoxx 50 index has fared worse by comparison, having fallen 5.8 percent, but it had been down by 11 percent in the days immediately after the vote