Afternoon Markets: World Bank forecast drives down Dow

The Dow Jones has fallen 78 points (0.9%) to 8,461 this morning after the World Bank released a gloom...

The Dow Jones has fallen 78 points (0.9%) to 8,461 this morning after the World Bank released a gloomy forecast for global economic growth this year. It today predicted an almost 3% worldwide contraction for 2009, compared to a previous estimate of just 1.7%. Mining stocks Alcoa and Caterpillar were the hardest hit stocks on the New York blue chip index, down 5% to $10.45 and 2.47% to $32.82 respectively. Company gains were scarce, with technology giants Intel the biggest winner, up just 0.45% to $16.08. The FTSE 100 continued to decline throughout the day, now 81 points lower (1.9%) ...