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Markets End Lower as World Bank Cuts Global Growth Forecast

TheStreet 1:12 mins

The World Bank cut its global forecast for 2014 from 3.2% to 2.8%. It's taking into account the weak start to the year in many countries, including the U.S. It blamed the terrible winter weather in the U.S., conflict in Ukraine and the turbulence in emerging countries. It does, however, expect the growth to be stronger for the remaining part of the year. In corporate news, Caterpillar raised quarterly dividend by 17% to $0.70 a share. The dividend increase comes after Caterpillar saw its machinery sales fall double-digit from the same period last year. Demand for heavy machinery, especially mining equipment, has been low outside North America. Julia Sun reports from Wall Street.

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