Markets Right Now: US stocks open lower; pound falls further

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

9:35 a.m.

Stocks are opening lower on Wall Street following bigger losses in Europe as investors continue to grapple with the fallout of Britain's vote to leave the European Union.

The British pound continued to fall Monday as traders expected the British economy would take a hit.

The Dow Jones industrial average was down 178 points, or 1 percent, to 17,220.

The Standard & Poor's 500 index lost 20 points, also 1 percent, to 2,017. The Nasdaq composite gave up 50 points, or 1.1 percent, to 4,657.

The declines were far more modest than on Friday, when the Dow and S&P 500 had their biggest drops since August.

Major European indexes were down about 2 percent

Bond prices rose. The yield on the 10-year Treasury note fell to 1.49 percent.

[STORY BY: THE ASSOCIATED PRESS]