Markets Down Sharply at Opening
Wall Street opened down sharply across the board, as the World Bank significantly cut its global economic forecast for 2009 this morning.
In the first 15 minutes of trading, the Dow was down 98 points, or more than 1 percent.
The broader S&P 500 and the tech-heavy Nasdaq were both down more than 1.5 percent.
The World Bank this morning said the global economy will shrink by 2.9 percent by the end of this year, a greater contraction than was forecast in March (1.7 percent).
The World Bank did, however, say that the global economy should start to grow again toward the end of this year, but at a more modest rate than before.
June 22, 2009; 9:49 AM ET
Categories: The Ticker | Tags: Dow Jones, World Bank, nasdaq, s&p 500
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