Securities around the globe diminished last week following the World Bank cut its economic growth predictions for 2015 and 2016, with stocks around the regions including copper which suffered heavily in its single-day drop in more than three-years.

The outlook ignited fears that the benefits of cost efficient oil might be offset by weaker economies and the threat of deflation which might divert investors to seek safety in government debt while the U.S. dollar is still wilting against the yen.

The S&P 500 fell for a straight consecutive day, while the CBOE Volatility index extended its year-to-year date in advance to 13.6 %.

Adding to the wary tone in the United States, JP Morgan Chase & Co. reported earnings that missed expectations which resulted to its diminished shares of 3.5 % to  %56.81. The financial mogul, a Dow component, was one of the first bellwethers to report quarterly results which casted on the nascent earnings season.

Singly, government data on December U.S. retail sales came in at a much frailer than expected with sales that went down 0.9 %. Lower growth was expected which many found fascinating than anything according to strategists at Boston Private Wealth in New York.

The day’s losses were generally widespread, but was more pronounced for copper, a primary industrial metal which fell 6 % to the lowest level in more than half a decade as the World Bank outlook sparked fears about the global growth. It was the largest single-day drop since 2011 and was the sixth straight daily plunge. Silver was off 1.2 % while gold dropped 0.1 % respectively.

In the equity space, the MSCI International ACWI Price Index went down 0.7 % while shares in Japan were severally lost 1.7 %.

European shares went down 1.6 % but concluded off their lows following a top adviser to the European Union’s highest court who told judges that a bond-purchasing plan by the European Central Bank aimed at bolstering the struggling euro-zone economy did not break EU law which provided a crucial support to the ECB.

The comments pushed the euro below its 1999 launch rate as against the dollar for the first time in more than a decade. The Dow Jones industrial average fell 186.85 points or 1.06 % to 17,426.83, the S&P500 lost 11.74 points or 0.58 % to 2,011.29 with the Nasdaq Composite plummeted 22.18 points or 0.48 to 4,639.32.

The benchmark 10-year U.S. Treasury note traded up 12/32 in price to yield 1.8484 % following the yield which hit a lowest level since May 2013.

The U.S. dollar index went down 0.25 % against a basket of currencies, with the yen rising 0.6 % against the greenback. Moreover, oil noticeably broke its recent downtrend with U.S. crude futures 5.7 % which had the strongest daily gain in more than two years on short covering in front of options expiration along with Brent crude which increased yield 4.5 % respectively.