The stock market carnage following Britain’s vote to leave the European Union is the worst on record, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Global equity markets have lost a record $3.01 trillion since Friday’s Brexit results, making it the largest two-day loss to S&P’s Global Broad Market Index, according to Silverblatt.

On Friday, the index shed $2.08 trillion in value the day after the referendum, surpassing the previous one-day record of $1.9 trillion set on Sept. 29, 2008, in the days following the market-roiling collapse of the Lehman Brothers. By the close on Monday, global equity markets shed another $930 billion.

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Investors dumped assets perceived as risky and rushed into government bonds, sending yields to record lows. European stocks saw the sharpest drop since the 2008 financial crisis, led by a rout in banking shares. The drop, however, came after a sharp run-up in shares, including a five-day rally by London’s FTSE 100 index UKX, -0.70% and the pan-European Stoxx 600 SXXP, -0.66% .

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According to Silverblatt, U.S. equities lost $830 billion on Friday, while the one-day loss for the S&P 500 SPX, -1.11% in dollar terms was $657 billion.

On Monday, stocks extended declines. The Dow Jones Industrial Average DJIA, -0.87% closed down 260.51 points, or 1.5%, at 17,140.24, following a 610-point plunge Friday. The S&P 500 index SPX, -1.11% lost 36.87 points, or 1.8%, to end at 2,000.54 and the Nasdaq Composite Index COMP, -1.07% fell 113.54, points or 2.4%, to 4,594.44.

Banks continued to see sharp declines, pressured by an environment marked by low and negative interest rates. Low interest rates make it harder for banks to make money through lending. The deterioration of debt of energy firms and concerns about U.K. property markets in the wake of Britain’s referendum to leave the EU, dubbed Brexit, also has raised concerns about the health of financials throughout Europe.