S&P 500 extends losses after World Bank cuts growth outlook; Dow falls more than 100 points

The U.S. stock market is closing lower after the World Bank scaled back its outlook for global growth.

The Standard & Poor’s 500 index fell six points, or 0.4 per cent, to close at 1,943 on Wednesday. The Dow Jones industrial average dropped 102 points, or 0.6 per cent, to 16,843. The Nasdaq slipped six points, or 0.1 per cent, to 4,331.

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

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

Delta dropped 3 per cent, making it the second-biggest loser among S&P 500 stocks. The sharp decline came after Germany’s Lufthansa warned of smaller profits caused by weaker passenger demand.