Brexit.”

The single biggest influence for stocks the past few weeks comes down to a single word: “Brexit.”

Fears that the United Kingdom would vote to leave the European Union have sent stocks south. Hopes that the U.K. will stay put have triggered rallies. Simply, investors favor the status quo over a change they fear will have global economic repercussions.Stocks rallied sharply and sent the Standard & Poor’s 500 index within 1% of a record close as investors bet  Thursday’s historic  referendum would end with Britain staying in the EU. The latest polls had “remain” with a narrow lead.

The S&P rose 1.3% to 2,113, leaving it  0.9% shy of its record high. The Dow Jones industrial average rose 230 points, or 1.3%, to 18,011. And the Nasdaq composite index gained 1.6%.

That came on the heels of a rally in European markets that lifted Britain’s FTSE 100 1.2%, France’s CAC-40 2.0% and Germany’s DAX 1.9%. Also, the British pound rose 1.2% and hit its highest level this year.