US stocks fell during morning trading after the World Bank said the global recession would be deeper than in previously expected.
It said that the global economy will shrink by 2.9% in 2009. The Organization for Economic Cooperation and Development (OECD) added to the mounting pile of gloomy sentiments, when it said it sees a "very difficult" 2009, with negative growth in the OECD area. "Unemployment problems are going to continue to linger," it said.
The Dow Jones industrial average fell 110.94 points, or 1.30%, to 8,428.79. The Standard & Poor's 500 Index lost 16.33 points, or 1.77%, to 904.90. The Nasdaq Composite Index dropped 37.00 points, or 2.02%, to 1,790.47.
