Stocks fell sharply Monday, ending at three-week lows, as the World Bank's weak outlook on global growth and a sell-off in commodities caused investors to sell shares. The World Bank cut its 2009 forecast, predicting that global growth will shrink by 2.9 percent, compared to its earlier forecast for a 1.7 percent contraction. Global trade is expected to plunge 9.7 percent this year, the report said. Light sweet crude oil for July delivery fell $2.62, or 3.8 percent, to $66.93 a barrel on the New York Mercantile Exchange, a two-week low. The U.S. dollar rose versus the euro and fell versus the yen. The Dow Jones industrial average fell 200.72, or 2.35 percent, to 8,339.01. Twenty-seven of the index's components fell. Exxon Mobil and Chevron fell along with declining oil prices. Other losers included United Technologies, 3M, Hewlett-Packard, IBM, and Boeing. The broader Standard & Poor's 500 index fell 28.19, or 3.1 percent, to 893.04. The technology-heavy Nasdaq composite index fell 61.28, or 3.35 percent, to 1,766.19. Apple said it sold more than one million copies of its new iPhone 3GS in the first three days it was on sale. Apple shares fell modestly. The New York Stock Exchange composite index fell 209.17 to 5,725.07. The American Stock Exchange composite index fell 33.48 to 1,548.35. And the Russell 2000 index fell 19.91 to 492.81.
