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In its latest forecast report, World Bank predicted that the world economy will shrink 2.9 percent in 2009, worse than the 1.7 percent drop in its previous forecast. The report triggered a sell-off in European and U.S. equity markets.
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Traders work at New York Stock Exchange in New York, the United States, June 22, 2009. U.S. stocks plunged on Monday as lower expectation of world economy hit global market. Dow Jones lost 200 points, while S&P and Nasdaq composite shed more than 3 percent. |
Gloomy economic outlook took a hit on commodities like crude and metals. Crude oil fell 2.62 U.S. dollars to 66.93 dollars a barrel on the New York Mercantile Exchange, which in turn sank the energy and material shares.
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Traders work at New York Stock Exchange in New York, the United States, June 22, 2009. |
The Dow Jones fell 200.72, or 2.35 percent, to 8,339.01. Broader indexes also declined. The Standard & Poor's 500 index lost 28.19, or 3.06 percent, to 893.04; and the Nasdaq shed 61.28,or 3.35 percent, to 1,766.19.
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Traders work at New York Stock Exchange in New York, the United States, June 22, 2009. |