World Bank cuts global economic forecasts tumbling New York stock market

Xinhua New York, June 22 (Xinhua) as the World Bank released pessimistic economic forecasts to upset the market, the 22nd New York stock index was hit, the decline of more than 2%, the standard and poor 500 index below the 900 points. The World Bank said 22nd that the global economy would shrink by 2.9% per cent this year, down more than the 1.7% it had previously expected. Markets are concerned that previous forecasts of the global economic outlook have been overly optimistic and that the pace of economic recovery will be slow.　　As a result, the New York stock market suffered a full sell-off. At the same time, the dollar has been sought after by investors and has put pressure on stock and commodity prices.　　22nd New York market crude oil futures contract fell below 67 U.S. dollars per barrel, copper, gold prices down, energy stocks and basic materials stocks led down the market.　　As June draws to a close, investors are leaning toward profit-taking before the second-quarter earnings season, so the financial stocks and technology stocks that are driving the recent rally have been weighed down.　　Investors are also paying close attention to the Federal Reserve's 23-24-day monetary policy meeting, which expects the Fed to keep its existing interest rates unchanged. By the end of the New York stock market, the Dow Jones 30 industrial stock Average price index fell 200.72 points from the previous trading day, closed at 8339.01 points, a decrease of 2.35%. The standard and poor 500 stock indices fell 28.19 points, down 893.04 points, or 3.06%. The Nasdaq composite index fell 61.28 points and closed at 1766.19 points, down 3.35%.