Wall Street opens sharply lower with Brexit panic

NEW YORK (AA) -- Wall Street opened sharply lower Friday to begin the last day of trading with massive losses after the U.K.'s decision to leave the EU created global panic in financial markets around the world.

The Dow was down 484 points, or 2.69 percent, to begin the day at 17,526. S&P 500 lost 51 points, or 2.46 percent, to open at 2,061, and the Nasdaq was down 181 points, or 3.69 percent, to begin Friday at 4,728.

With Brexit, oil prices lost around 5 percent. At the opening bell, the American benchmark was down 5 percent to trade at $47.61 a barrel, and international benchmark Brent crude was at $48.62 per barrel with a 5.2 percent loss.

In addition, the stock values of U.S.-based multinational investment banks that have been operating in the U.K. have also decreased after the Brexit vote.

Citigroup saw its shares plunge by 8 percent, while Morgan Stanley lost about 7 percent. Both Goldman Sachs and Bank of America stock values declined around 5 percent, while JP Morgan Chase shares lost 4.8 percent at the market opening.