Midnight Trader | Jun 11, 2014 04:11PM ET
Stocks fell Wednesday after the World Bank lowered its global growth forecasts. The S&P 500 and the Dow Jones Industrials Average also are ran into strong resistance as the S&P edges near its 2,000 level and the Dow moved closer to 17,000.
The World Bank overnight shaved its global growth forecast for 2014 to 2.8% from its earlier outlook for 3.2% growth, citing the unusually cold winter in the U.S. and geo-political tensions in Ukraine. It also lowered its growth expectations for the U.S. this year to 2.1% from 2.8% as the impact from this past winter permeates the domestic economy.
Most industry sectors in the S&P 500 finished in the red, although energy stocks scratched out moderate gains as Crude Oil maintained its perch above $104 per barrel. Shares of Industrial companies had the worst performance among the 10 sectors, dropping almost 1.3% as a group.
Also Wednesday, airline stocks took the brunt in the day's selloff after Germany's Lufthansa (XETRA:LHAG) warned its profit this year and in 2015 will likely miss Wall Street expectations, taking the entire transport sector lower.
h2 Here's Where The U.S. Markets Stood At Day's End/h2GLOBAL SENTIMENT
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