Thursday, a public referendum ended Britain’s participation in the European Union. Officials are giving their thoughts on if the move will affect the global market.
South Dakota officials say the market has dipped sharply in other countries. However, they say that is not true for the United States. Matt Clark is the State Investment Officer. He says the US market declined about 2%, and that happens on any given week.
“It probably went up that much in the last couple of weeks its’ had those strings where it went up that much. And so it’s just not that significant yet, not that anything can’t be a catalyst. But I don’t think the Brexit vote itself is that significant to our economy or market,” says Clark.
Clark says South Dakotans probably won’t change any financial or investment plans based on the event. He says the Brexit will more likely cause uneasiness with banks and financial institutions.