In trading yesterday, the Dow Jones Industrial Average closed at 8339.01, down 200.72 points (2.35%) from the day’s start. Similarly, the Standard & Poor’s 500 Index slumped 2.6% to 893.04 points, following the first weekly decline in more than a month.
Most of the indices’ decline is due to the World Bank announcement that it expects the global economy to contract by 3% this year, up from the Bank’s previous forecast of 1.7% in March. Additionally, the bank expects unemployment and poverty to rise 2.9% in 2009.
Post a Comment