The U.S. stock market was hammered Friday by Britain’s stunning decision to leave the European Union.
All three major stock indices were down over 3 percent at the close of the day’s trading amid mounting global concern about Europe’s economy and political status.
The Dow Jones Industrial Average was down over 600 points on the day, or 3.4 percent. The S&P 500 was down 3.6 percent, and the NASDAQ ended the day down 4.1 percent.
The stock selloff came as policymakers on both sides of the Atlantic began to process the decision by British voters to cast off the continental governing body.
U.S. policymakers repeatedly acknowledged the will of British voters, who narrowly approved a referendum to leave the European Union. At the same time, top officials vowed they would work to maintain the close relationship between the two countries, while taking steps to ease turmoil in financial markets.
British Prime Minister David Cameron announced Friday he would be resigning from office, and President Obama spoke to him later in the day.
In a joint statement, the finance ministers and central bank governors of the G-7, which includes the U.S. and Britain, said they would be monitoring financial markets closely and doing what they can to support them.
“G7 central banks have taken steps to ensure adequate liquidity and to support the functioning of markets. We stand ready to use the established liquidity instruments to that end,” the statement read.
In a separate statement, the Federal Reserve said it was “carefully monitoring” financial markets and is prepared to provide dollar liquidity to other central banks if necessary. It noted that “pressures in global funding markets” could lead to “adverse implications for the U.S. economy.”