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Stocks Sink on World Bank Report

By Kevin Spak,  Newser Staff
Posted Jun 22, 2009 9:04 AM CDT
Stocks Sink on World Bank Report
Traders work on the floor of the New York Stock Exchange Wednesday, June 10, 2009.   (AP Photo/Richard Drew)

(Newser) – Stocks tumbled this morning after the release of a grim forecast by the World Bank. The Dow tumbled about 100 points, while the Nasdaq and S&P each dropped 1.6%. The World Bank predicted the economy would shrink 2.9% this year, a big downward revision from its previous forecast of a 1.7% drop. Commodities were declining, with oil down more than a dollar to $68 a barrel. (Read more stock market stories.)

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