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U.S. stocks dip on World Bank global growth revision; Dow falls 0.60%

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Investing.com -

Investing.com - U.S. stocks fell on Wednesday after the World Bank trimmed its global growth forecasts for this year due to the effects the Ukraine crisis may have on recovery.

At the close of U.S. trading, the Dow 30 fell 0.60%, the S&P 500 index fell 0.35%, while the NASDAQ Composite index fell 0.14%.

The Volatility S&P 500 index, which measures the market's volatility, was up 5.55% at 11.60.

The World Bank cut its 2014 global growth forecast to 2.8% from a 3.2% forecast made in January due in part to the Russian standoff over Ukraine, which weighed on U.S. stocks due to the heavy European exposure in many U.S. companies.

The global economy grew 2.4% in 2013, according to the World Bank, and the revision gave investors reason to sell for profits as did political news in the U.S.

House Majority Leader Eric Cantor lost his party's nomination to a conservative activist in Tuesday's Virginia primary, which spooked investors by stoking fears gridlock in Washington may get even worse.

Leading Dow Jones Industrial Average performers included Merck & Company Inc (NYSE:MRK), up 0.56%, Exxon Mobil Corporation (NYSE:XOM), up 0.48%, and UnitedHealth Group Incorporated (NYSE:UNH), up 0.46%.

The Dow Jones Industrial Average's worst performers included Boeing Company (NYSE:BA), down 2.29%, Nike Inc (NYSE:NKE), down 1.52%, and Home Depot Inc (NYSE:HD), down 1.15%.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.17%, France's CAC 40 rose 0.13%, while Germany's DAX rose 0.20%. Meanwhile, in the U.K. the FTSE 100 fell 0.02%.

On Thursday the U.S. is to release the weekly report on initial jobless claims, in addition to data on retail sales and import prices.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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