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US stocks hit hard by recovery concerns

US stocks hit hard by recovery concerns
AFP
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First Published: Tue, Jun 23 2009. 08 35 AM IST
Updated: Tue, Jun 23 2009. 08 35 AM IST
New York: US stocks tumbled in their worst single-day loss in two months amid renewed concerns about the shakeout of the global financial crisis and conflicting signals about economic recovery.
The Dow Jones Industrial Average slumped 200.95 points, 2.35% to 8,338.78 yesterday in final trades as the blue-chip index extended losses after a nearly three per cent drop last week.
The tech-dominant Nasdaq shed 61.28 points 3.35%, to 1,766.19 while the broad-market Standard & Poor’s 500 index shed 28.16 points, 3.06% to a provisional close of 893.07
A grim outlook by the World Bank and declining commodity prices led by oil added to nervousness investors returned to the market yesterday ahead of a two-day Federal Reserve policy meeting beginning today.
“Stock indices ... are suffering losses of between two to three per cent after the World Bank downwardly revised its expectations for the world economy in 2009,” analysts at Charles Schwab & Co wrote in a note to clients.
The World Bank slashed its outlook for developing nations’ economies yesterday, estimating growth at a meager 1.2% this year while warning more measures were needed for a recovery to take hold.
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First Published: Tue, Jun 23 2009. 08 35 AM IST
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