Stocks are taking a hit Wednesday after the World Bank cut the global growth rate.

The World Bank predicted that the global economy would expand by 2.8 percent in 2014. That's down from a 3.2 percent increase they predicted in January.

"We are not totally out of the woods yet," Kaushik Basu, the bank's senior vice president and chief economist, said in a news release.

The Dow Jones Industrial average is down about 100 points in mid-day trading. It was nearly at the 17,000 mark before slipping Wednesday.

The S&P 500 is down 0.4 percent to 1,943.85. Industrials are leading the decliners and all 10 sectors from the S&P 500 are in the red.

The NASDAQ is down about 3 points or 0.1 percent.

The dollar is falling against major currencies in the world.

Mortgages continue to surge. They were up 10.3 pecent last week, according to the Mortgage Bankers Association. Right before the recent rate hike from 4.26 percent on 30-year mortgages to 4.34 percent, home buyers signed more and more mortgage applications.

Some analysts think that after the recent record-breaking closes for the S&P 500 and the Dow Jones, stocks are headed for a small decline for now, and then could uptick higher.

"The market appears poised to consolidate for a few days, after which we think the uptrend will resume once widespread short-term overbought conditions see further relief," noted Katie Stockton, chief technical strategist at BTIG.

Stock Highlights

Apple shares are flat Wednesday. This is just days after the company completed its 7-to-1 stock split. Shares were trading in the high 600s and now are trading at about $94 a share. More investors who normally couldn't afford many Apple shares can now enter into positions with the company.

GoPro cameras and wearable devices will debut an intial public offering. Shares will be priced between $21 and $24. The company is valued at about $3 billion.

Bank of America shares are down 1.7 percent. The banking institution has been on a recent tear in the last year, seeing its shares rise from a 52-week low of 12.13 to 18.03 recently.