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S&P 500 extends losses at midday after World Bank cuts growth outlook

The U.S. stock market is falling at midday after the World Bank cut its outlook for global growth.

The Standard & Poor's 500 index slipped five points, or 0.3 per cent, to 1,945 as of 12 p.m. Eastern time Wednesday. The Dow Jones industrial average fell 84 points, or 0.5 per cent, to 16,861. The Nasdaq fell less than two points, or 0.03 per cent, to 4,336.

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.

Synaptics jumped 25 per cent after the maker of touch-screen technology said it would buy smartphone and tablet chipmaker Renesas SP Drivers for $475 million.

The Canadian Press

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