Wall Street dragged down by bleak world economic outlook
Associated Press
NEW YORK — A surprisingly bleak forecast for the world economy pushed stocks to their biggest loss in two months.
Major stock indexes tumbled by more than 2 percent yesterday, after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It previously predicted a 1.7 percent contraction.
The grim assessment was the latest unwelcome surprise for the market since last month and further eroded hopes that the economy was starting to emerge from recession.
