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Stocks open lower after World Bank cuts outlook

By WTOP Staff

The Associated Press

U.S. stocks are opening lower in early trading on Wednesday after the World Bank cut its outlook for global growth.

The Standard & Poor’s 500 index was down seven points, or 0.4 percent, to 1,943. The Dow Jones industrial average was down 62 points, or 0.4 percent, to 16,883. The Nasdaq fell 15 points, or 0.4 percent, to 4,321.

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

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

Synaptics jumped 28 percent to $85.06 after the maker of touch-screen technology said it would buy smartphone and tablet chipmaker Renesas SP Drivers for $475 million.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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