June 22 (Bloomberg) -- U.S. and European stocks tumbled, extending losses from the first weekly decline for global equities in more than a month, as the World Bank said the recession will be deeper than previously forecast. Treasuries rose, while oil fell below $67 a barrel and metals slumped.
Freeport-McMoRan Copper & Gold Inc., Alcoa Inc. and BP Plc lost more than 3.7 percent amid a 2 percent retreat in the Reuters/Jefferies CRB Index of 19 raw materials. Bank of America Corp., the biggest U.S. bank by assets, dropped 3.4 percent as two board members resigned. Walgreen Co., the second-largest U.S. drugstore chain, declined 3.8 percent after reporting earnings that trailed analysts’ estimates. (more)
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