(CNBC) U.S. stocks traded sharply lower Friday in a global risk-off trade after Britain surprised markets by voting to leave the European Union.
The S&P 500 traded more than 2.5 percent lower to near 2,050 in midday trade. Financials declined more than 4 percent as the greatest laggard. Goldman Sachs had the greatest negative impact on the Dow Jones industrial average, which held about 500 points lower.
Investors went into more defensive areas of the market. Utilities sector was the only S&P 500 advancer, while the domestically-focused Wal-Mart was the only gainer in the Dow Jones industrial average.
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