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Dark Session For Stocks; Banks Reeling, But Some Retailers Hold Up

It was a stormy session on Wall Street Friday as news of a Brexit fueled a fresh round of institutional selling. (© daranna/stock.adobe.com)

Stocks were sharply lower with less than an hour left in Friday's session as Wall Street and world markets frowned on the U.K.'s decision to leave the European Union.

Priceline (PCLN), eBay (EBAY) and chip stocks lagged in the Nasdaq 100.  JPMorgan Chase (JPM) and Goldman Sachs (GS) underperformed in the Dow.

The S&P 500, Nasdaq and Dow Jones industrial average were all at session lows. The Nasdaq tumbled 4.3%, with Priceline off nearly 12% and eBay down nearly 8%. The S&P 500 fell 3.8% and the Dow 3.6%, with JPMorgan and Goldman Sachs down more than 7%. Volume on the NYSE  and Nasdaq was tracking well above Thursday's levels as institutional investors sold stocks.

It wasn't surprising to see defensive names like Reynolds American (RAI) leading the charge in the stock market today. Shares reversed higher, rising around 1% to 51.38. Reynolds American is vying for a breakout from a flat base with a 52.64 buy point.

Real estate investment trusts also outperformed. IBD 50 name Store Capital (STOR) jumped 2.8% to 27.79. It's still in buy range from a 27.05 flat-base entry. Equity Lifestyle Properties (ELS) rose nearly 2% to 74.92 as it works on flat base with a 76.18 buy point.

Also in the IBD 50, Dollar General (DG) added 0.6%. It's slightly extended from an 87.52 buy point. Auto parts retailers also outperformed, O'Reilly Automotive (ORLY) and AutoZone (AZO) reversed higher, rising around 1% each.

WTI crude oil for August delivery closed down 4.9% to $47.64 a barrel. Gold rose 4.5% to $1,320 an ounce. The 10-year Treasury yield crashed 18 basis points to 1.57%.