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U.S. stocks slump on damped economic outlook

Published: 22/06/2009 05:00

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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.

Traders work at New York Stock Exchange in New York, the United States, June 22, 2009. (Xinhua/Shen Hong)

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.

Analysts believe investors are also trying to lock in the profit gained in the second quarter when the stocks rallied more than 30 percent from early March lows.

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.

The second largest drugstore chain Walgreen Co. lost 5.7 percent to 29.64 dollars a share after the company’s earnings result trailed analysts’ estimates.

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.

VietNamNet/Xinhuanet

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