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New York - U.S. Stocks Drops 200 Points |
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Oil and gold prices slumped and the dollar was mixed. Treasury prices rallied as investors sought safety, sending the corresponding yields lower.
The Dow Jones industrial average (INDU) fell more than 200 points.
The World Bank cut its 2009 forecast, predicting that global growth will shrink by 2.9% versus its earlier forecast for a 1.7% contraction. Global trade is expected to plummet 9.7% this year, it said. Developing countries have been especially hard, with the exception of booming China and India.
The forecast sent European markets tumbling as well, while Asian markets ended higher.
"The World Bank news today was pretty major, but it's not just today's news that is causing the selling," said Gary Webb, CEO at Webb Financial Group.
He said that stocks have been falling for several sessions now as investor sentiment has gotten more negative.
"If we don't see something good here in the next few days to cause a rebound, then I think we'll see a bigger pullback," he said. "Even one positive report would help. It wouldn't send stocks flying but it would help limit the decline."
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Jun 22, 2009 at 03:07 PM Anonymous Says:
so are we out of the recession or not, im getting confused