Pits today and buying anything that looked safe. Look how the dow is closing today. Down were waiting for the numbers to settle but down more than 600 points, to put is in perspective the dow down 655 points at its session low, and right now it looks like the dow will close in negatfor the year. The biggest losers this day were your banking stocks. Names like citigroup. Bank of america, jp mortgage, one of the issues there, these institutions become less profitable with Interest Rates this low. Travel and leisure stocks, also extremely hard hit. Priceline. Carnival cruise lines, royal care caribbean. American airlines, priceline down double digits. Why and they get 71 of revenue from europe. So a fright about people traveling to europe. The british pound earlier in the day, falling to a 31year low against the dollar. You have to go back to the mid1980s to find a price that low. The pound did rebound a little bit. It finished roughly at 1. 36. And then lets look at the ten year. We talk about running for safety. The yield on the tenyear, again, as the yield falls it means price dozen up. The yield falling to a fouryear low earlier in the day you. Saw it come back a little bit but again, that is a gauge of fear if you will. The upside is that Mortgage Rates should be very attractive, maybe even a little lower. But housing here has been incredibly strong. Home sales existing home sale can the highest level in more than nine years, and home prices here, at a record. If you can believe it. And moodies just came out wife with a report saying its going to be minimal impact on the u. S. Economy. One tenth of a percent. I think thats something to remember when you see this kind of selloff, when you see well, there was fear in the market. It puts it in perspective and maybe cooler heads will prevail monday morning. Thank you. Thank you. June 23rd needs to become a National Bank holiday and well call it independence day. Thank you. Independence day it was, pro Brexit Forces ecstatic of the vote. But what happens now . Right to ben ben hall on the impact across the bond. Reporter people woke up to a new britain and independent britain but a very insecure britain. This is 40 years after the first voted to join the eu and now overnight they have left. What lies ahead is uncharted territory. Its was the first early signs the north of england that showed those government they were doing badly and it became clear the how long was going to surprise everyone. The final decision was called just after 7 00 a. M. This morning, and not long after that david cameron, who staked his leadership on the outcome, resigned. The british people have made a very clear decision to take a different path, and as such, i think the country requires fresh leadership to take it in this direction. Reporter this direct is away from europe. The leave camp promised it would take back control of immigration policies, trade deals and own sovereignty and now has to live by the promises. 48 of people voted to stay in the European Union so very divided country. Very interesting to see how the negotiate this divorce from the European Union. The uncertain played out in global marks. The dow diving, 500points at the open. 600 points at the close. The market staying negative. Down 500 points throughout the session today. And ending near the low. Down 611. So what happens come monday . Lets get to our market pros. Larry, lets kick it off with you. You think things get even worse from here. Even 24 hours ago it was unimaginable that the uk could pass this referendum. Thats why traders and investors were to poorly positioned for this event. Were seeing this massive surge in volatility today. Why stocks were running up. Now a consequence was a surge in u. S. Dollar. Might sound like a good thing to have a strong current si but if youre a big u. S. Multinational is going to be more difficult and its going to mean less profit which will weigh on u. S. Stocks in the second half of the year so not all good news. So connect the dots for us. We just talked about the fact that its going to be a minimal impact in terms of trade with the u. S. , in terms of the economic story for the u. S. Is the 600point selloff warranted . The timing could not have been worse for this event. Its a friday, going into the summer. Liquidity is challenged. Its the end of a quarter. Not when you want to have big new information presented, and its an index rebalance for the stock index. So a lot going on in one day which exacerbated the volatility. Big current si moves are not a one day event and can last several days as investors absorb the impact on corporate earnings. For small u. S. Companies mates be a gross overreact but for Many Companies there will be some reaction. Its going to be messy and disruptive. The u. S. Economy will the the safe haven. Alan you were watching trading today. What does closing near the lows, down 611 points, tell you about how we open on monday . Not significantly lower than where we open the session the futures were down hard overnight. Would classify this more as a reversal of the recent rally than a rout in the market. Last night, its only been 20 hours since the tables turned. This markets were completely wrong and caught offguard, but if you put in perspective, a three percent loss today, come piped with pa two percent game coming intoed the day is a net lot of one percent. Not catastrophic. Lets see how things develop. But the flight to quality did not sustain. Gold is up. Treasuries off their highs highd we have seen the dollar back off. So the flight to quality, the door is hanging around 95. You saw the british pound sell off whenned had been at 2016 highs a few hours ago so put it in perspective. These are injures knee jerk recollections. The fundamentals still remain. Not a lot of places to hide. We want to show you the market board here. One board said winners. Thats incorrect. Not a lot of win erred thes were the big losers on the session. Everybody expected the financials to be the big losers because theyve got the exposure to britain. Absolutely, and to touch on something that one of our guests wag says earlier, these are investors who just got this wrong. You saw a market, not just the stock market in the United States but a british pound, and risky assets around the world, strengthening since the middle of june, in the last week or so. The dow was up at least through yesterday, up from june 15th, up 371 points so if you give back 600, thats just as your guest was pointing out, reversal of what has been going on and the fact you did see a bounce in the tenyear, coming off the high, little reversal in these other risk averse assets. At least it seemed like people are being calmer in their trading as weve got toward the close. I think its a great point. The truth dismiss people were looking at this market and saying, its discovery stepped and it is due for a pullin. This was the exact reason, and good reason nor people to say, okay, im out for the time being. And i want to add one thing mariey dash. Just going into our own election in november, theres a lot of uncertainty hanging over the market and hanging over business, heading up to our own president ality election, a survey of Small Business saying the uncertainty is impacting decisionmaking so their vote ununexpected and it weighs. Alan, what did you ski on the floor see on the floor this morning and did it change in terms of sentiment. I think everybody was surprised by the action last night and just kind of shellshocked by the fact that the markets went down so dramatically, below 2,000, the s p, which is a big die. Psychologically got a lot of peoples attention. But like you said this market has come a long ways higher. If you look at the last five years, the s p had been up 66 coming into today and were still essentially unchanged on the year 2016. So its a wakeup call but its important to see how things follow through or dont follow through in the next week if this is going to continue this downslide or just another example of another selloff that bounces back that we have seen every time for the last six or seven years, people have not believed in this market rally, and i think this is a good excuse to take some chips off the table and sometimes to overreact because you can click on a button anytime. Larry, glazer, final question for you about volatility. We hear about the index. One trader said thats what he is focuses on in terms of the catalyst on when to get in, get back in the market. Once volatility is up there, high are than today he wants to be a buyer of stocks. Whats your catalyst. A great point and the old adage on wall street for investors was when the vix is high, the volatility index, its the time to buy and we saw a massive spike in volatility, something we hand seen in some time and going into the weekend, investors are concerned there would be another shoe to drop. That next shoe could be another country in the eu talking about their own referendum and leaving the eu. You can see the eu under pressure for other reasons and investors could seize the movement. So sew the Financial Markets well be closely watching how we open on monday and what news is presented over the weekend. That domino effect is being watched for sure. Maria, can i add one thing . Looking at that volatility gauge you were just talking about, it was nowhere near where it was after 9 11. Noy mere where it was after longterm Capital Management collapsed and, it was like multiples lower than where it got during the 2008 financial crisis. So in the grand scheme of things not a lot of fear, not in that gauge. I think youve make great point. Im looking at this market down 611 points. We were navigating the open this morning, and looking ahead to the market, and yet three percent . Its not as bad as i would have expected. Its not as about. Maybe were used to this and maybe we just feel calm through all of this. It was rough day bit it could have been worse. Thanks axe. Does the big break from the European Union there mean a big break for donald trump here . Dr. Ben carcinogens us next. And refugee fears driving a large part of the vote. Were back in a moment. I accept im not 22 i accept i do a shorter set these days. I even accept i have a higher risk of stroke due to afib, a type of irregular heartbeat not caused by a heart valve problem. But i wont play anything less than my best. So if theres Something Better than warfarin, im going for it. Eliquis. Eliquis reduced the risk of stroke better than warfarin, plus it had significantly less major bleeding than warfarin. Eliquis had both. Thats what i wanted to hear. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily. And it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. I accept i dont play quite like i used to. But im still bringing my best. And going for eliquis. Reduced risk of stroke plus less major bleeding. Ask your doctor if switching to eliquis is right for you. Welcome. Nell cavuto spoke with nigel farrage. Wasnt that long ago that people laughed at you and now theyre mentioning our your remarks on terror, britains opendoor policy and the multiculturalism that bred this and now talking about you and Prime Minister in the same sentence. We did in may of this year win the European Election across United Kingdom. The first time the Insurgent Party has topped the poll and were about to win a Parliament Re election. Mage thatcher with a tie. If i could get anywhere close to being the sort of leader she was would i be pleased. We have had enough of boring politicians. That was ven. No one is laughing now. Nigel farrage declaring the brexit a victory for pale people. He is not alone. Donald trump praising voters for taking the country back, we go to dr. Ben carson, dr. Carson good, to see you, temperature for inning us do you think this was about this socalled trumpism, taking hold across the world . Well, think its about the british people, particularly many of the workers, the hourly workers, being very unhappy with the fact that you have people coming in, taking their jobs, they feel that the authorities outside of their own country who are dictating their future. Its very similar to what is going on in this country threat the reason that donald trump should be happy. I dont know if anybody can absolutely say that this was caused by donald trump, but i think this feeling of lack of autonomy is something that expands beyond the ocean. For sure. How did they miss it . How is it possible that a politician, leading a constituency, misses what the constituency actually needs and wants . Because theyre ideologies. Theyre just like the Political Class in this country, who dont know how to pull their head out of the sand. They just be in one direction just go in one direction and if something doesnt work they say we havent done enough of it. We need to do more, rather than stopping, using their godgiven brains to actually look at data and make intelligent decisions. Its very frustrating. Its frustrating to me and i know it mulls be frustrating to a lot of other americans. It is frustrating because the people are needing to be heard, and now we have this. Let me ask you about the impact to the u. S. From your standpoint. Moodys came out earlier today, said baseline brexit will cut u. S. Gdp by one tenth of a percentage point. One tenth of a percentage point. Theyre saying baseline u. S. Growth averaging three percent in the next four years, and the direct impact on trade should be modest. What is all this hit stair ya hysteria about . I dont know. If we grew at three percent that would be good. We were growing at 3. 3 for 150 years until 2000 and then we cut down to half of that. Its good if we start coming back, but theres going to be an overreaction to what happened today. So, the market went down 600points. Peel women take advantage of that next week and recognizing nothing has changed you think te buyers are going to come in and say, okay, theres opportunity in the u. S. Right now. Absolutely. I would. Take us behind the curtain with donald trump for a minute. What is going on in terms of the conversation . Is he changing his tone . He was in scotland today, obviously, seemed a lot more measured than the last few weeks. Are you and other advisers speaking with him and directing him to change or take a pivot . He is actually a very smart man, and i think he is recognizing that he is likely to become the president of the United States, and that means you handle yourself in a certain way, and i believe that he is learning to pivot in a way that he doesnt lose his base but he begins to bring in others who have been inflammed by the thing he said, and again, if he were to explain some of the thing he said, that makes pen perfectly good sense but because he is not politician he doesnt explain thinks like a politician would. What is the most important policy that will have an impact on america . Is it economic . Is it National Security . He has talked about his Corporate Tax plan. 15 Corporate Tax rate that you would think would be very bullish for the economy here. What do you think is most important in terms of the policy he needs to implement should he become president in year one . Well issue really think the economy is the crux because it is the thing that will allow us to do what we need to do with our military, with our defense, and so the two are really tied together very significantly. And we need to begin to look at the future for our children, our grandchildren, the people who are coming after us. Anybody knows that you cannot continue down the path at that time were going and expect something good to happen. It didnt happen for the french. Didnt happen for the spaniards and didnt have for the ancient romans and not going to happen for us. We have to at some point start doing things that actually make sense. Its easy to do. If we dont raise what we spend for three straight years, we can balance the budget. And if we do some other additional things we can restore an atmosphere that will encourage entrepreneurial risk taking. Thank you, dr. Carson. Thank you. The good doctor may be confident in donald trump. What is the stock selloff on wall street saying . Back in a minute. Every day you read headlines about businesses being hacked and intellectual property being stolen. That is cybercrime. And it affects each and every one of us. Microsoft created the digital crimes unit to fight cybercrime. We use the microsoft cloud to visualize information so we can track down the criminals. When it comes to the cloud, trust and security are paramount. Were building what we learn back into the cloud to make people and organizations safer. Welcome back. We know donald trump is cheering the uks decision to leave the European Union. What about Hillary Clinton . To fox news jennifer griffin. Not long after the white house released its statement on british voter decision decision to leave the eu, the Clinton Campaign released a statement quote, respect the choice the people of the United Kingdom have made. Our first task has to be to make sure the economic uncertaintive created by these events does not hurt working families here in america. Echoing the message of president obama, who had campaigned for britain to remain in the European Union. Clinton said the u. S. Would continue to have a special relationship with written with britain and talked about the need for calm, steady, experienced leadership in the white house to protect americans livelihoods, a tacit shot at republican presumptive nominee donald trump. Clinton will be campaigning for their first time with massachusetts senator Elizabeth Warren on monday in cincinnati. Well be there. They are roadtesting their ability to peel away voters from trump in th