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Stocks tumble on bleak outlook for world economy
Jun 22, 6:16 PM (ET)
By MADLEN READ
NEW YORK (AP) - A surprisingly bleak forecast for the world economy pushed stocks to their biggest loss in two months.
Major stock indexes tumbled by more than 2 percent Monday, sending the Dow Jones industrial average down 201 points, after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It previously predicted a 1.7 percent contraction.
The grim assessment was the latest unwelcome surprise for the market since last month and further eroded hopes that the economy was starting to emerge from recession. Investors began driving stocks sharply higher in early March, encouraged by modest improvements in housing, manufacturing and even unemployment.
http://apnews.myway.com/article/20090622/D99005F80.html
A decreased rate of decline only meanswe are either reaching a "step" or nearing the bottom. The question is how long will we stay at or near the bottom?
Jun 22, 6:16 PM (ET)
By MADLEN READ
NEW YORK (AP) - A surprisingly bleak forecast for the world economy pushed stocks to their biggest loss in two months.
Major stock indexes tumbled by more than 2 percent Monday, sending the Dow Jones industrial average down 201 points, after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It previously predicted a 1.7 percent contraction.
The grim assessment was the latest unwelcome surprise for the market since last month and further eroded hopes that the economy was starting to emerge from recession. Investors began driving stocks sharply higher in early March, encouraged by modest improvements in housing, manufacturing and even unemployment.
http://apnews.myway.com/article/20090622/D99005F80.html
A decreased rate of decline only meanswe are either reaching a "step" or nearing the bottom. The question is how long will we stay at or near the bottom?