Stocks extend losses after World Bank cuts outlook

S&P 500 extends losses at midday after World Bank cuts growth outlook

6/11/2014

NEW YORK — The U.S. stock market is falling at midday after the World Bank cut its outlook for global growth.

The Standard & Poor’s 500 index slipped five points, or 0.3 percent, to 1,945 as of noon today. The Dow Jones industrial average fell 84 points, or 0.5 percent, to 16,861. The Nasdaq fell less than two points, or 0.03 percent, to 4,336.

The World Bank said in a report late Tuesday that it expects global growth of 2.8 percent this year, compared with a January estimate of 3.2 percent.

The stock market remains near all-time highs after a slow and steady climb since April.

Synaptics jumped 25 percent after the maker of touch-screen technology said it would buy smartphone and tablet chipmaker Renesas SP Drivers for $475 million.