Stocks pull back as global economic worries rise

Stocks pull back as global economic worries rise
Stocks pull back as global economic worries rise ,asics olympos

NEW YORK (AP) - Lowered expectations for the global economy are giving investors more to be wary about.
Major stock indexes are down more than 2 percent Monday after the World Bank predicted the global economy will shrink 2.9 percent in 2009. Its previous forecast was a 1.7 percent decline.
Deteriorating hopes for a quick economic recovery also weighed on the prices of oil, metals and other commodities. Companies that produce these commodities saw their shares tumble.
In midday trading, the Dow Jones industrial average is down 177.14, or 2.1 percent, at 8,362.59. The Standard & Poor's 500 index is down 23.63, or 2.6 percent, at 897.60. The Nasdaq composite index is down 52.59, or 2.8 percent, at 1,774.88.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) - Lowered expectations for the global economy are giving investors more to be wary about.
Major stock indexes retreated by about 2 percent Monday after the World Bank added to the market's growing economic worries. The Washington-based global lender predicted the world economy will shrink 2.9 percent in 2009, worse than its previous forecast of a 1.7 percent decline.
Deteriorating hopes for a quick economic recovery also weighed on the prices of oil, metals, and other commodities. Companies that produce these commodities saw their shares tumble in early trading.
The stock market is coming off its first weekly loss in more than a month after mixed economic readings last week. No major economic reports are due Monday, but in the coming days traders will get data on new and existing home sales, durable goods orders,People are forced to., gross domestic product and personal incomes and spending.
The Federal Reserve will also be in the spotlight after its two-day meeting on monetary policy that ends Wednesday. The central bank is expected to hold its key funds rate steady near zero, but investors want to know whether policy makers will buy more Treasurys than they initially planned to help keep interest rates down.
The Fed has been buying up Treasurys and other kinds of debt in an effort to keep borrowing rates low at the same time the government has been issuing record amounts of debt. The Treasury Department is planning to auction another $ 104 billion in debt this week.
In late morning trading, the Dow Jones industrial average fell 153.19, or 1.8 percent, to 8,386.54. The Standard & ; Poor's 500 index fell 20.79, or 2.3 percent, to 900.44, and the Nasdaq composite index fell 47.89, or 2.6 percent, to 1,779.58.
Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., said the market will likely continue to trade cautiously this week as it contends with the economic data. But, he added, he's confident the market will not \more of what we've been seeing, \still sliding, but at a slowing pace.
Last week,June 4 Audition Maintenance Notice, the Dow fell 3 percent, the S & P 500 index dropped 2.6 percent and the Nasdaq composite lost 1.7 percent.
Bond prices rose on Monday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, sank to 3.72 percent from 3.78 percent late Friday.
Crude oil fell $ 2.65 to $ 66.90 a barrel on the New York Mercantile Exchange,columbia sportswear,Written soon after the Pentium III were 80, while gold prices also fell.
Shares of companies that produce commodities dropped. Oil company Chevron Corp. fell $ 1.96, or 2.9 percent, to $ 66.10, while aluminum producer Alcoa Inc. fell 79 cents, or 7.2 percent, to $ 10.21.
The dollar was mostly higher against other major currencies,Mens Spyder Gloves,.
The Russell 2000 index of smaller companies fell 15.22,ghd iv straighteners, or 3 percent, to 497.50.
About six stocks fell for every stock that rose on the New York Stock Exchange,timberland chukka, where volume came to 337 million shares, down from 859 million on Friday.
Overseas, Japan's Nikkei stock average rose 0.4 percent. In afternoon trading, Britain's FTSE 100 fell 2.2 percent, Germany's DAX index fell 2.5 percent, and France's CAC-40 fell 2.7 percent.


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