How Brexit could impact Southwest Virginia

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(WDBJ) The US stock market plummeted Friday resulting in its worst drop in 10 months.

This comes after the United Kingdom voted to leave the European Union, and Prime Minister David Cameron announced his resignation.

Uncertainty in the market is effecting retirement plans here at home.

401k invested in the U-S market are likely to take a hit, but advisors remind investors this is a short term problem.

"If you have a globally diversified portfolio including holdings in Europe then you might have some more concern about where this is going to go. Not only did the pound fall today but the euro did also," said Steven Beach, a finance professor at Radford University.

Advisors suggest not making any knee jerk reactions to your portfolio.

They add mortgage rates are at their lowest in three years at 3.5 percent, and are expected to go even lower.

David Bieri, a Virginia Tech associate professor in Urban Affairs says the financial effects of this may be temporary but will be remembered as a crucial part of world history.

He says Americans should care about the vote because of the economic impact.

The European Union as a trade organization will lose nearly a third of its export capacity without the United Kingdom.

"The British people have spoken, not everyone will agree with it, but this is the way in which democracies work. This is the best that we have and so let's move on. Hopefully Washington can provide some insights and some counsel as to what roads will be taken," Bieri said.

He also says this could impact our presidential election as both Hillary Clinton and Donald Trump react and position their agendas.