European and U.S. stocks were climbing on Monday as investors shrugged off the results of the Italian referendum that cost Prime Minister Matteo Renzi his job and thrust the nation into a period of uncertainty. The Euro, which had fallen to its lowest level in more than a year against other major currencies overnight, also recouped its losses. The market reaction suggests that investors had been prepared for the referendum results and don't believe the fallout in the Eurozone's third-largest economy will have a wide impact. U.S. stocks also opened in the green, with the Dow adding more than 75 points in morning trading in New York. The nation's big banks are already facing large capital shortfalls and the referendum results introduce additional uncertainty about their ability to shore up their balance sheets.

Source: Forbes December 05, 2016 15:04 UTC