NEW YORK - Stocks are closing broadly lower in the U.S. as investors continue to grapple with the fallout of Britain's vote to leave the European Union.

The British pound fell further on Monday as traders expected the British economy to suffer because of the "leave" vote. Also Monday Standard & Poor's stripped the country of its top-shelf credit rating.

The Dow Jones industrial average fell 260 points, or 1.5 percent, to 17,140.

The Standard & Poor's 500 index lost 36 points, or 1.8 percent, to 2,000. The Nasdaq composite gave up 113 points, or 2.4 percent, to 4,594.

Stocks fell 3 percent in France and Germany and 2.5 percent in Britain.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.46 percent.