Q&A: The changing market for video news

The Associated Press today released a report looking at the news market in the Middle East and North Africa and suggesting ways it needs to evolve, particularly when it comes to video. The report is the latest in a series of Deloitte studies for AP into video news consumption globally. (The first covered Europe and the second covered Asia.)

Here, Sue Brooks, director of international products and platforms for AP, explains why the market for video news has never been stronger.

What have been the most striking findings of the reports?

The big “ah-ha” moment for me was the realization that news junkies see video as an essential part of their daily news fix. Although there are a lot of variations in the data across markets, consumers were consistent in their demand for more high-quality online video content – and this is especially true of consumers who are interested in the news, generally.

Sue Brooks

Sue Brooks

The research shows that this group is more likely to access a story if it has an accompanying video, and that video consumers have a higher dwell time on news content each day. When we asked why, people told us it was because video helps bring a story to life and improve their understanding of it. For example, in the Middle East, a massive 83 percent of consumers find this to be the case.

This overwhelming demand for video presents a number of opportunities for us and our customers. It also highlights how critical it is for the industry to adapt. In Europe, more than a quarter of respondents said they’d go elsewhere if video wasn’t available at their preferred news source.

How and why has demand for video news changed?

Video news stopped being the sole preserve of terrestrial and satellite broadcasters quite some time ago and online and mobile video news are now the norm; in fact many of our video customers are now newspapers.

It’s clear that the need for video has continued to grow and has achieved ever-greater importance. We expect this will continue with the spread of smartphones and strong growth in tablets, as well as steadily increasing broadband speeds via fixed and mobile connections.

How is AP helping its customers evolve to satisfy this demand?

The primary goal of the research is to help our customers understand the changes in consumer demand, but it has also given us insight into what we need to do to help our customers meet the challenges facing them.

We are at the forefront of change and, of course, our customers need us to keep our products and services relevant. That’s why in 2012 we launched AP Video Hub. We needed to address the increase in demand from online publishers for video news with a service that was compelling and easy to use. These customers saw video as another critical element of their storytelling tool box, but before 2012 it was difficult for non-broadcasters to access and use AP video easily.

Since the launch of AP Video Hub, the platform has gone from strength to strength and we recently announced our Content Partner Offer, which allows third-party content to be sold via the platform. The first partner to go live was Newsflare, an online video news community for user-generated video, which adds a new dimension to the site and meets an increasing demand for this type of content.

We also launched a new video service in the Middle East earlier this year to meet the insatiable demand for news in the region, offering customers more unique video content centered on the news that matters most to consumers there. Our Deloitte research showed that, perhaps more than anywhere else in the world, Middle East consumers value trusted news sources – particularly when it comes to video. We want to ensure that our customers are in a position to provide their own customers exactly what they need.

AP announces new political reporting lineup

U.S. Political Editor David Scott announced the AP’s new political reporting lineup in a memo to staff today:

All,

Please join me in welcoming Steve Peoples as he joins the Washington bureau this month as a political reporter focused on the Republican Party and its candidates for president in 2016.

Steve Peoples (AP Photo).

Steve Peoples (AP Photo).

“Joining” might seem like the wrong verb, since Steve has been a part of the AP’s political team — covering this crucial beat — for some time. From his base in Boston, and his second home at the many Marriotts of New Hampshire, Peoples turned his role as our northeast political reporter into a job whose scope reached far beyond New England.

For months during the last presidential campaign, Peoples was a fixture in the living rooms and coffee shops where the New Hampshire primary is won and lost. He sat in diners with Jon Huntsman’s family and rode mountain bikes with Ron Paul. He turned those intimate moments into a depth of sourcing that allowed him to excel as our reporter on the Mitt Romney campaign.

In recent months, even as he continued covering GOP contenders, Steve took it upon himself to keep the AP’s political reporting team organized and on point, leading story discussion meetings and organizing coverage of key moments of the off-campaign year. His assistance has been invaluable to me as I get up to speed in Washington.

With this move, AP will now field quite the political reporting lineup — a team that’s ready for the upcoming presidential election, which as we all know is well underway.

Ken Thomas and Julie Pace (AP Photo).

Ken Thomas and Julie Pace (AP Photo).

Leading off are Steve and Ken Thomas, our reporter on the national Democratic Party and, therefore, Hillary Rodham Clinton. As the campaign gains momentum, they’ll increasingly be joined by Julie Pace and members of the White House team. There is no better place for AP’s White House Correspondent to prepare to lead AP’s coverage of the next president than out in the country as voters make the choice of who will next sit in the Oval Office.

Who might they be writing about this time next year? Still to be determined, although we have some clues. We know for certain the campaign will start in Iowa, where Tom Beaumont will tell the story, joined as the campaign moves along by political reporters Nick Riccardi in Denver, Bill Barrow in Atlanta, Mike Mishak in Miami and Jill Colvin in New Jersey. And they’re backed with Washington’s Phil Elliott on money and media, Jesse Holland on race, ethnicity and voters, and Chuck Babington on the intersection of politics, the campaign and Congress. All guided by the intel provided by polling chief Jenn Agiesta, and assisted by Donna Cassata, Dave Espo and all the member of our team on the Hill.

And then there are all the beat reporters in Washington whose expertise on policy so often makes the AP’s political report something truly distinct. And all the political reporters AP has in every statehouse, which gives AP — and therefore its members and customers — a reach that no one can match.

And that’s just the text team. We’re already working on exciting ideas on how we’ll carry out our political story telling in video for 2016. For now, I’m thrilled to welcome Steve to Washington and so excited to be working with him, this team and our staff in U.S. news to tell the story of another chapter in the grand American experiment.

From Washington,

David

Learn more about AP’s national politics team and follow @AP_Politics on Twitter.

Now we say ‘the Islamic State group’ instead of ISIL

Back in June we talked in this blog about AP’s preferred abbreviation for the fast-growing Islamic militant group in Iraq and Syria, known variously at the time as ISIL and ISIS. We explained why our preference was ISIL.

Things then changed with ISIL’s decision in July to rebrand itself as the “Islamic State.” In a recent story, we explained that AP now refers to the organization as “the Islamic State group” (not simply “the Islamic State”) and the reason for this approach.

The story is below:

By VIVIAN SALAMA
Associated Press

BAGHDAD (AP) — Propaganda has been one of the core strategies of the Sunni militant group in Syria and Iraq that today calls itself the Islamic State — and its name is very much a part of that.

In July, the group’s leader, Abu Bakr al-Baghdadi, announced its rebranding. He declared that the territory under his control would be part of a caliphate, or an Islamic state, shortening its name from Islamic State of Iraq and the Levant, or ISIL — the acronym used by the Obama administration and the British Foreign Office to this day. The Levant can refer to all countries bordering on the eastern Mediterranean, from Greece to Egypt.

Different translations for the name of the al-Qaida splinter group have emerged since the early days of its existence.

Some have chosen to call it the Islamic State of Iraq and Syria, or ISIS. The final word in Arabic — al-Sham — can be translated as Levant, Syria, or as Damascus.

Arab governments have long refrained from using Islamic State, instead referring to it by the Arabic acronym for its full original name, Daesh — short for Dawlat al-Islamiyah f’al-Iraq w Belaad al-Sham.

Kurdish citizens who live in Lebanon hold Arabic placards that read, "To be Yazidi means love, accord and peace" and "No to killing the Yazidi sect by Daesh" during a demonstration against the Islamic State group, in front of the UN building, in downtown Beirut, Lebanon, Monday Sept. 15, 2014. An activist group and a Kurdish official say heavy clashes are taking place in northeastern Syria, with Kurdish fighters capturing about a dozen villages from Islamic militants. Kurdish fighters and members of the Islamic State group have been fighting each other for more than a year in northern Syria. (AP Photo/Hussein Malla)

Kurdish citizens who live in Lebanon hold Arabic placards that read, “To be Yazidi means love, accord and peace” and “No to killing the Yazidi sect by Daesh” during a demonstration against the Islamic State group, in front of the UN building, in downtown Beirut, Lebanon, Monday Sept. 15, 2014. (AP Photo/Hussein Malla)

Several residents in Mosul, Iraq’s second-largest city which fell to the extremist group in June, told The Associated Press that the militants threatened to cut the tongue of anyone who publicly used the acronym Daesh, instead of referring to the group by its full name, saying it shows defiance and disrespect. The residents spoke anonymously out of fear for their safety.

The inconsistency, while confusing for some, has not deterred the group’s growing exposure on social media, with so many hashtags, posts and tweets ultimately directing readers and viewers to their news. Despite being associated to about a half-dozen names and acronyms, the group’s brutal objectives are becoming increasingly clear.

Prior to the group’s self-declared rebranding in July, The Associated Press opted to refer to it as the Islamic State of Iraq and the Levant, or ISIL, believing it was the most accurate translation.

The AP now uses phrases like “the Islamic State group,” or “fighters from the Islamic State group,” to avoid phrasing that sounds like they could be fighting for an internationally recognized state.

“The word ‘state’ implies a system of administration and governance,” said David L. Phillips, the director of Peace-Building and Rights Program at Columbia University. “It’s not a term that would be used to characterize a terrorist group or militia that is merely rolling up territory.”

“Part of their strategy is to establish administration over lands that they control so that they demonstrate that they are more than just a fighting force,” Phillips added. Equally problematic is the use of the word “Islamic” in its name, with some calling it blasphemous.

On Wednesday, French Foreign Minister Laurent Fabius referred to the group as Daesh, calling them “butchers” who do not represent Islam or a state. He urged others to do the same.

Egypt’s top Islamic authority, Grand Mufti Ibrahim Negm, last month called on the international community to refer to the group as “al-Qaida separatists” and not the Islamic State.

“Their savage acts don’t coincide with the name of Islam,” said Sunni cleric Hameed Marouf Hameed, an official with Iraq’s Sunni religious endowment. “They incite hatred, violence and killing and these acts have no place in any real Islamic state.”

___

Associated Press reporters Sameer N. Yacoub in Baghdad, Angela Charlton in Paris and Greg Katz in London contributed to this report.

Some great saves

Every few weeks, I share with the AP staff some “great saves” by staffers who protected AP and its subscribers from hoaxes and inaccuracies. Here are some recent ones:

● Hours after an Air Algerie plane disappeared over Africa, Twitter blew up with claims that Mariela Castro, daughter of Cuban President Raul Castro and niece of Fidel Castro, was on the plane. The information came from a Facebook post by the airport in Burkina Faso where the flight began, and said Castro was on the manifest. Major newspapers in Argentina, Spain and the UK went with the story online, as did some U.S. outlets. AP Havana quickly reached a source close to Mariela Castro, who said she was not on the plane. Another source told AP she was at a conference at a Havana hotel. Newswoman Andrea Rodriguez drove to the hotel and persuaded a press official to crack open a door to the closed event: there was Mariela Castro speaking from a lectern.

● A tweet went out from “Glee” star Chris Colfer’s verified account to his 2.5 million followers that said he was leaving the Fox show because of “personal issues.” Retweets went out to millions more, and a series of news outlets soon reported the news. Not the AP, however. Even though the account was verified as being legitimate by Twitter, TV writer Frazier Moore followed AP policy that even tweets from verified and familiar accounts need to be confirmed before we report them. So Moore fired off immediate emails to representatives of “Glee,” Fox and Colfer. Within a couple of minutes, Moore got his responses: Colfer wasn’t going anywhere. The actor’s account had been hacked and the tweet was bogus. Others sent corrections.

● On July 14, several news outlets carried stories with headlines like “It’s a miracle! Dead child wakes up at funeral.” The stories said a 2-year-old girl in the Philippines died but moved a finger and had a weak pulse at her funeral. The tale seemed too good to be true, and was just that. Manila correspondent Oliver Teves learned that others published the story without thoroughly investigating the claim. The girl was dead and had been buried. A health official had gone to her village and used a cardiac monitor to confirm there was no heartbeat, no breath and no pulse. She attributed the girl’s lack of rigor mortis _ one of the conditions that people cited to claim she was alive _ to her small muscle mass. We stayed away from the story.

● It would have been big news. On July 17, several news organizations quoted an Israeli official as saying Israel and Hamas had agreed to a cease-fire deal that was to take effect at 6 a.m. the next day. We received several requests for the story. But AP staffers Karin Laub and Mohammad Daraghmeh decided to check further. Daraghmeh quickly got in touch with a top aide of Hamas leader Khaled Mashaal, who told him the report was baseless. Other news organizations soon had to backtrack.

On the killing of James Foley, journalist

The Associated Press is outraged by the killing of James Foley and condemns the taking of any journalist’s life. We believe those who kill journalists or hold them hostage should be brought to justice.

Further, we believe the assassination of a journalist in wartime should be considered an international crime of war.

The murder of a journalist with impunity  is a threat to a free press and democracy around the world.

– Gary Pruitt, AP president and CEO

Update: Pruitt elaborated on his view during an Aug. 24 interview on CNN’s “Reliable Sources.”

‘Our work becomes more important but also more dangerous’

AP President and CEO Gary Pruitt addressed the company’s global staff following a tragic event Wednesday in Gaza:

It is with great sadness that I inform you that an AP videographer and a translator working for us have been killed in Gaza.  An AP photographer was badly injured in the same incident.

Simone Camilli, an Italian journalist and a veteran video journalist who has worked with AP for eight years, was killed when a bomb went off while he and his team were working with a bomb disposal unit.  Ali Shehda Abu Afash, a Palestinian translator who was working with the AP team, was also killed. Photographer Hatem Moussa was injured and is being treated at a Gaza hospital. A fourth member of the AP team, the driver, was uninjured.

Simone was well known throughout Europe, and especially to our video team in London, where his death has hit AP deeply. He had recently moved to Beirut with his wife. We have sent staff to be with her and with his family in Italy.

As all of you know, this has been a very difficult year for AP. Simone is the second staffer to die in the line of duty this year and the 33rd person since our founding in 1846. As conflict and violence grows around the world, our work becomes more important but also more dangerous. We take every precaution we can to protect the brave journalists who staff our frontlines. I never cease to be amazed at their courage.

All of us in the AP family grieve the loss of Simone and Ali Shehda, and we send our deepest sympathies to their families.

Gary

This July 1, 2014 photo shows Associated Press video journalist Simone Camilli at work filming Kurdish Peshmerga fighters under a bridge near the front line with militants from the Islamic state group, in Mariam Bek village, between the northern cities of Tikrit and Kirkuk, Iraq. Camilli, 35, was killed in an ordnance explosion in the Gaza Strip, on Wednesday, Aug. 13, 2014 together with Palestinian translator Ali Shehda Abu Afash and three members of the Gaza police. Police said four other people were seriously injured, including AP photographer Hatem Moussa.(AP Photo/Hussein Malla)

This July 1, 2014 photo shows Associated Press video journalist Simone Camilli at work filming Kurdish Peshmerga fighters under a bridge near the front line with militants from the Islamic state group, in Mariam Bek village, between the northern cities of Tikrit and Kirkuk, Iraq. (AP Photo/Hussein Malla)

In this Saturday, Aug. 2, 2014 photo, Associated Press photographer Hatem Moussa works, in Gaza City, Gaza Strip. Moussa was seriously injured Wednesday when Gaza police engineers were neutralizing unexploded ordnance in the Gaza town of Beit Lahiya left over from fighting between Israel and Islamic militants. (AP Photo)

In this Saturday, Aug. 2, 2014 photo, Associated Press photographer Hatem Moussa works, in Gaza City, Gaza Strip. (AP Photo)

Poorly worded alert prompts clarification

This morning a poorly worded news alert moved on the AP wire and was also tweeted via @AP.

For the record, here’s the original alert:

EINDHOVEN, Netherlands (AP) — Dutch military plane carrying bodies from Malaysia Airlines Flight 17 crash lands in Eindhoven.

Many readers understandably took it to mean the plane “crash-landed.”

We sought to clarify this as quickly as possible.

Here’s the clarified version:

EINDHOVEN, Netherlands (AP) — CLARIFIES: Dutch military plane carrying Malaysia Airlines bodies lands in Eindhoven.

@AP tweeted the clarification as follows:

CLARIFIES: Dutch military plane carrying Malaysia Airlines bodies lands in Eindhoven.

This was an especially regrettable lapse that drew wide attention as Dutch families awaited the return of their loved ones’ remains.

How many U.S. states allow gay marriage?

In stories about gay marriage in the United States, we usually include the number of states where gay marriage is allowed. Settling on that that number can be complicated, though, since the situation in some states is in flux.

In Colorado, for instance, gay marriages are going forward in some jurisdictions. But the legality of gay marriage in the state remains tied up in appeals.

So what number do we use when we need a quick, short answer?

Our approach is not to count a state as allowing gay marriage until all appeals have been exhausted and/or state leaders have committed to dropping appeals.

By that standard, we don’t count Colorado. As of now, our count is that same-sex marriage is legal in 19 states and the District of Columbia.

These are the states: Massachusetts, Connecticut, Iowa, Vermont, New Hampshire, New York, Washington, Maine, Maryland, Rhode Island, Delaware, Minnesota, California, New Jersey, Illinois, Hawaii, New Mexico, Oregon and Pennsylvania.

A leap forward in quarterly earnings stories

The Associated Press announced in an advisory to customers today that the majority of U.S. corporate earnings stories for our business news report will eventually be produced using automation technology.

Here, Lou Ferrara, the AP managing editor who oversees business news, explains how this leap forward takes advantage of new technologies to free journalists to spend more time on things like beat reporting and source development while increasing, by a factor of more than 10, the volume of earnings reports for customers.

Lou Ferrara, vice president and managing editor

Lou Ferrara, vice president and managing editor

Why is the AP doing this?

Like all media companies, AP is constantly reviewing what content it needs to provide to customers and the best use of its reporting resources. At the same time, we analyze the value of the content we produce in the marketplace.

For many years, we have been spending a lot of time crunching numbers and rewriting information from companies to publish approximately 300 earnings reports each quarter. We discovered that automation technology, from a company called Automated Insights, paired with data from Zacks Investment Research, would allow us to automate short stories – 150 to 300 words — about the earnings of companies in roughly the same time that it took our reporters.

And instead of providing 300 stories manually, we can provide up to 4,400 automatically for companies throughout the United States each quarter.

We believe technological automation will be a part of many businesses, including those in media. As part of its business relationship with Automated Insights, AP participated in the company’s latest round of investment financing with other strategic partners.

Does it mean we are no longer providing editorial coverage of earnings reports?

No. If anything, we are doubling down on the journalism we will do around earnings reports and business coverage.

We are going to use our brains and time in more enterprising ways during earnings season. Rather than spending a great deal of time focusing on the release of earnings and hammering out a quick story recapping each one, we are going to automate that process for all U.S. companies in the 4,400. (We are exploring whether we can automate earnings from companies outside the United States.)

Instead, our journalists will focus on reporting and writing stories about what the numbers mean and what gets said in earnings calls on the day of the release, identifying trends and finding exclusive stories we can publish at the time of the earnings reports.

AP’s staff breaks a lot of business news and obtains numerous exclusives throughout the year from many of the top companies in the world. We know that is what our customers want and we are going to deliver more of it through this process.

Are we eliminating jobs to do this?

No. This is about using technology to free journalists to do more journalism and less data processing, not about eliminating jobs. In fact, most of the staff has been receptive to the effort and involved for the past few months of discussion.

How does it work?

Zacks maintains the data when the earnings reports are issued. Automated Insights has algorithms that ping that data and then in seconds output a story. The structure for the earnings reports stories was crafted by AP with Automated Insights. All conform to AP Style, the standard of journalistic style.

The stories will be labeled as being produced automatically with material from Zacks.

As we begin using automation technology in July, we will check each automatically generated report and then publish to the AP wire. As we work out any problems, we hope to move to a model of more fully automating the reports and spot-checking the feed for quality control.

Will you be automating other parts of the AP report?

Interestingly, we already have been automating a good chunk of AP’s sports agate report for several years. Data comes from STATS, the sports statistics company, and is automated and formatted into our systems for distribution. A majority of our agate is produced this way.

By comparison, though, the earnings reports are produced into stories – not just data feeds. And we are looking at whether there are other things we should be automating in this way. Last football season, we introduced an automated NFL player ranking on the website for pro football that we host for newspapers. That ranking included automated text descriptions of player performances each week, which were produced by Automated Insights. We also are examining the potential for automating results stories for lower-audience sports.

When will the automated earnings reports be available?

We are planning to go live in July, and we will be paying close attention to all of the reports as we adapt to this new process. We will address any concerns or bugs, and then keep moving ahead.

Our hope is that customers will begin to see the benefits almost immediately through more breaking business news and an increased volume of earnings reports. Many customers will receive info for companies in their markets that they never received from AP before.

Financial markets story to feature format suited to Web and mobile

The following advisory was sent today to editors at AP member news organizations:

Starting next month, The Associated Press will take a fresh approach to its coverage of global financial markets.

Instead of two separate stories each day – one about U.S. markets and the other about international markets – AP will produce a single story that reports and analyzes the most important global news and trends.

This July 16, 2013 file photo shows a street sign for Wall Street outside the New York Stock Exchange in New York. U.S. stock futures are steady Wednesday, May 28, 2014, with the market market hovering at record levels. (AP Photo/Mark Lennihan, File)

(AP Photo/Mark Lennihan, File)

The global financial markets story will be updated throughout the day in Asia, Europe and the U.S. and will include coverage of stocks, bonds, oil and other commodities.

The story will move under the slug BC-Financial Markets, beginning on Monday, July 28. It will replace BC-US-Wall Street, BC-World Markets, BC-Oil Prices and BC-Commodities Review. (AP will no longer write separate daily stories on oil and commodities.)

Just like the current Wall Street story, the new Financial Markets story
will feature an easy-to-read format suited to the Web and mobile devices. It will include a market summary, followed by brief sections that highlight key news and trends. (See two examples below.)

This format gives readers lots of information with continuous updates and catchy headlines.

After markets close each day in the U.S., the AP will continue to publish a more traditional, narrative-style story that summarizes and analyzes the most important events in financial markets. A narrative-style story about markets can run at any time, in any global region, when warranted by major news events …

Here’s an example of how the new format for the BC-Financial Markets story might have looked like on June 11 at around 5 a.m. Eastern time, reflecting moves in Asian and European markets:

LONDON (AP) — Global stock markets turned skittish Wednesday after the World Bank lowered its global growth forecast and a militant takeover of a key Iraqi city pushed oil prices higher. The World Bank cut its 2014 growth forecast to 2.8 percent, citing a bitter American winter and the political crisis in Ukraine. The weaker outlook sent Asian markets mostly lower, except for Japan, which closed slightly higher.

KEEPING SCORE: Germany’s DAX dropped 0.6 percent to 9,969 and the CAC 40 in France fell 0.7 percent to 4,563. Britain’s FTSE 100 shed 0.5 percent to 6,839. In the U.S., stock index futures sagged in pre-market trading after a run of record highs. Dow Jones futures fell 0.3 percent to 16,894 and S&P 500 futures were down 0.4 percent to 1,943. Earlier, Asian indexes closed mostly lower.

WEAKER FORECAST: The World Bank’s gloomier outlook dampened investors’ enthusiasm for stocks, which had been on the upswing. The bank cut its forecast for growth this year to 2.8 percent from the 3.2 percent it forecast in January.

OIL SPIKE: Oil prices rose ahead of an OPEC meeting in Europe that is expected to keep production levels steady for the year. Benchmark U.S. oil for July delivery rose 30 cents to $104.65 a barrel in electronic trading in New York, extending Tuesday’s large gain. Energy markets were also affected by al-Qaida-inspired militants overrunning much of the Iraqi city of Mosul on Tuesday. Mosul lies in an area that is a major gateway for Iraqi oil.

THE TAKEAWAY: IG Group analyst Ryan Huang said the broader outlook for the global economy remains strong, especially after the European Central Bank announced additional monetary stimulus. “Last week’s monetary policy decision by the ECB to cut rates should also set the eurozone on course for recovery and help developing countries as a market for their exports,” Hwang said in a market commentary. “That will be a further boost for China.”

ASIA: Hong Kong’s Hang Seng closed down 0.3 percent at 23,257.29 and Australia’s S&P/ASX 200 dropped 0.3 percent to 5,454. Seoul’s Kopsi inched up 0.1 percent to 2,014.67 and China’s Shanghai Composite posted equally anemic gains, rising 0.1 percent to 2,054.95. Japan’s Nikkei 225 rose 0.5 percent to 15,069.48, helped by indications that a downturn from a sales tax hike instituted in April might not be as severe as originally expected.

CURRENCIES: The dollar fell to 102.06 yen from 102.33 late Tuesday. The euro slipped to $1.3534 from $1.3544.

And here’s what a version might have looked like on June 11 at about 1:30 p.m. Eastern time, reflecting trading in U.S. markets:

NEW YORK (AP) — U.S. stocks slipped and government bond prices rose after the World Bank downgraded its forecast for the global economy this year, citing a bitter American winter and the political crisis in Ukraine. Markets also slumped in Europe and Asia, except for Japan, where indexes ended slightly higher.

KEEPING SCORE: The Standard & Poor’s 500 index fell six points, or 0.3 percent, to 1,944 as of 1:20 p.m. Eastern time. The Dow Jones industrial average dropped 99 points, or 0.6 percent, to 16,846. The Nasdaq composite fell four points, or 0.1 percent, to 4,333. Markets also closed lower in Europe and Asia.

GLOBAL GROWTH: The World Bank said late Tuesday that it expects the world economy to grow 2.8 percent this year, below the 3.2 percent expansion it had predicted in January.

TAKING A PAUSE: Despite declines Tuesday and early Wednesday, the S&P 500 has been on a slow and steady rise since April and is now up 5.2 percent for the year. In recent weeks, encouraging economic reports have pushed the index to a string of all-time highs, with its latest record of 1,951.27 occurring Monday.

KEEPING THE FAITH: The rally in stocks should continue this year as the economy strengthens, said James Lui, global market strategist at JPMorgan Funds. In the last month, stock gains have been led by the technology and consumer discretionary sectors, which should benefit more from stronger growth. This move “is going to be what drives the market further along,” Lui said.

BEST BEHIND US: Boeing fell $2.88, or 2.1 percent, to $134.37 after brokerage RBC cut its outlook on the plane maker’s stock. Analysts at the bank say that after three years of record orders and no new planes in the pipeline, the good news for Boeing is “already out there.”

TAX BOOST: H&R Block jumped $1.34 cents, or 4.4 percent, to $32.07 after the tax preparation company reported earnings that beat analysts’ expectations. The company’s fourth-quarter net income surged as more people used its services and its prepaid card.

TOUCH-SCREEN TECH: Synaptics jumped $18.16, or 27 percent, to $84.68 after the maker of touch-screen technology said it would buy smartphone and tablet chipmaker Renesas SP Drivers for $475 million. Because of the deal, Synaptics also raised its fourth-quarter revenue outlook.

BONDS, COMMODITIES AND CURRENCIES: As stocks fell, government bonds rallied. The yield on the 10-year Treasury note eased to 2.64 percent from 2.65 percent late Tuesday. The price of oil was little changed at $104.34 a barrel. The dollar fell to 102.10 yen from 102.33 late Tuesday. The euro slipped to $1.3514 from $1.3544.