Major averages rose fractionally on lower volume. The NASDAQ Composite sits just between its 50 and 200-day moving averages while the S&P 500 and Dow Industrials closed just above their respective 50 day lines. Markets may remain relatively quiet ahead of Friday when the Brexit outcome is announced.
The results of the Brexit vote will not be announced until Friday 2 am ET (7 am GMT) at the earliest, so the US market can be expected to gap to some extent when they open for trading on Friday morning. Assuming the UK remains in the EU, it could be a sell on the news event should the UK market recover most of the losses that were caused by nervousness ahead of the vote. On the other hand, should material losses due to Brexit remain the day before the vote, the UK market could gap higher on the news.
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