Monday, June 22, 2009
A surprisingly bleak forecast for the world economy sent stocks tumbling.
Major stock indexes dropped more than 2% Monday after the World Bank estimated the global economy will shrink 2.9% in 2009. It previously predicted a 1.7% contraction.
Investors began buying up stocks in March on hopes that the economy was poised to begin recovering.
According to preliminary calculations, the Dow Jones industrial average is down 201 to 8,339. The broader Standard & Poor's 500 index is down 28 to 893 and the Nasdaq composite index is down 61 to 1,766.
About seven stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.4 billion shares.