Day #2 of the "Brexit Effect."  Would make a great title for a horror movie if it wasn't already so scary.  But as one expert has noted, at least the sell off has been orderly and not panicked.  On this second day the Dow has been stung to the tune of another 260 points making the two-day total just a shade short of a 900 point drop.  As has been noted, this is the biggest two-day loss in history, but that of course is only in terms of raw dollars.  Percentage-wise, it's not nearly so dramatic and with the Dow still over 17,000 it's really not anywhere near historic proportions at all.

Also, with the elimination of all the "noise" that was mixed in with the trading on Friday, we got a much more accurate picture today -- at 10.5 billion shares, volume was really only 50 percent above normal, as opposed to the very distorted 3 times normal that appeared to happen on Friday.  Though today's sell off was a lot less than Friday's, it's likely not over.  We may well be seeing more downside before any upside rears its head again.  So goes the market.  Every day is not going to be rosy and bad things do happen from time to time.  In the long run however they do tend to work out.  So stay the course.

Markets | Mon Jun 27, 2016 4:46pm EDT

Wall Street sings Brexit blues with brutal two-day slide

BY LEWIS KRAUSKOPF

DJ: 17,140.24  -260.51      NAS:  4,594.44  -113.54       S&P: 2,000.54  -36.87

(Reuters)  Wall Street tumbled again on Monday after Britain's shock vote to leave the European Union, sending major U.S. stock indexes to their worst two-day swoon in about 10 months.  All three main indexes fell at least 1.5 percent in the wake of Thursday's referendum that has roiled global markets and led investors to seek safe-haven assets.

The Nasdaq dropped more than 2 percent, underperforming the other major indexes, amid fears that fallout from Britain's decision could hit business investment spending in the technology sector.

Along with tech, materials .SPLRCM, financials .SPSY and energy .SPSY were the worst-performing sectors.

"The momentum has continued downward because there continues to be a lot of uncertainty," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. "It’s important to note that it’s orderly. It doesn’t feel panic-inspired."

The Dow Jones industrial average .DJI fell 260.51 points, or 1.5 percent, to 17,140.24, the S&P 500 .SPX lost 36.87 points, or 1.81 percent, to 2,000.54 and the Nasdaq Composite.IXIC dropped 113.54 points, or 2.41 percent, to 4,594.44.

Eight of the 10 major S&P sectors closed lower. Utilities .SPLRCU and telecom services .SPLRCL, two high dividend-paying groups, were the only ones to gain.

Since Britain's referendum, the S&P 500 has fallen 5.3 percent, its worst two-day slide since August 2015.  Friday's selloff had wiped out $2.08 trillion from global equity markets - the biggest one-day loss ever, according to Standard & Poor's Dow Jones Indices.

Investor fears of a "Brexit" vote had eased ahead of the referendum, with the S&P 500 closing within about 17 points of its May 2015 record high on Thursday.

"It feels harsh and there’s no question that Friday was harsh, but relative to our peak we’re not that far off," said Aaron Jett, vice president of global equity research at Bel Air Investment Advisors in Los Angeles. "So there certainly is potential for some more downside" in the short-term.

U.S. Treasury Secretary Jack Lew said he sees no signs of a financial crisis arising from Britain's decision, although the result does present additional "headwinds" for the U.S. economy.

Banks continued to be among the worst-hit as traders discounted chances the U.S. Federal Reserve will raise interest rates in the near term.

Bank of America (BAC.N), down 6.3 percent, and JPMorgan (JPM.N), off 3.3 percent, were among the biggest drags on the S&P, while the KBW Bank index .BKX fell 5.1 percent. Earlier, Europe's bank stocks .SX7P tumbled 7.7 percent.

With sterling hitting a 31-year low, the dollar .DXY posted sharp gains, dealing a blow to U.S. companies that receive a large portion of sales from overseas.

HeartWare International (HTWR.O) soared 92.8 percent after Medtronic said it would buy the medical device company for about $1.1 billion.

More than 10.5 billion shares changed hands in U.S. exchanges, well above the roughly 7.3 billion average over the past 20 sessions.

NYSE decliners outnumbered advancers by a 4.25-to-1 ratio; on the Nasdaq, a 5.75-to-1 ratio favored decliners.

The S&P 500 posted 20 new 52-week highs and 30 new lows; the Nasdaq recorded 14 new highs and 168 new lows.