Business

Snapshot

Stocks slip as World Bank cuts growth outlook

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Stock indexes fell back from record levels, declining the most in three weeks. The market opened lower after the World Bank predicted weaker global growth this year, citing a tough winter in America and the crisis in Ukraine. The bank now expects 2.8% growth this year, not the 3.2% it forecast in January. The report was a reality check for investors, who had pushed major indexes to all-time highs this week on optimism about the US economy. Still, some investors have long argued that many stocks had become overvalued. Stocks ‘were going up so much in the last few days that they were due for a little breather,’ said Brad Sorensen, at Charles Schwab.

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