A week after British vote, markets take stock

FILE - In this Wednesday, June 22, 2016, file photo, a European, right, and Union flag are displayed outside Europe House, the European Parliament's British offices, in London. One week after Britain’s vote to quit the EU sent markets into a tailspin, investors seem to be taking a more sanguine view of its eventual economic repercussions. (AP Photo/Matt Dunham, File) FILE - In this Wednesday, June 22, 2016, file photo, a European, right, and Union flag are displayed outside Europe House, the European Parliament's British offices, in London. One week after Britain’s vote to quit the EU sent markets into a tailspin, investors seem to be taking a more sanguine view of its eventual economic repercussions. (AP Photo/Matt Dunham, File)

By Associated Press July 3, 2016 5 min read

NEW YORK (AP) – A week after Britain’s shocking vote to leave the European Union, markets seem to have pushed the pause button.

After a two-day spree of near panic selling that wiped out an unprecedented $3 trillion from global markets, investors, analysts and pundits in the U.S. and abroad spent the week following the vote collectively revising their knee-jerk reactions to what has become known as the “Brexit” vote.

Markets closed out the week just a hair below their pre-vote level, with the S&P 500 index rebounding from a 5.3 percent drop to finish just 10 points below where it started.

A week after Britain’s historic “leave” vote, what’s the outlook for markets and the economy? Is the sky really falling, or are there opportunities, if not silver linings, for investors?

Here are five ways markets are rethinking the impact of the unprecedented move by an EU member to begin unravelling the nearly 60-year-old project to bring peace and prosperity to Europe.