Stocks Mixed After FedEx Gives Glum Outlook
Stocks ended the day with mixed results after discouraging economic news from FedEx.
The Standard & Poor’s 500 index closed down just shy of two points at 1,459. The Nasdaq fell one point to 3,178. The Dow Jones industrial average posted a small gain, rising almost 12 points to 13,565.
FedEx says it’s seeing a worldwide economy that is stalled. Investors pay attention to its forecasts because its package deliveries span the globe, giving FedEx a good window into how the economy is doing.
Declining stocks outnumbered advancers almost 3-to-2.
The declines were widespread, but mild. Seven out of 10 industry groups in the S&P 500 index fell.
Apple got above $700 per share for the first time. It rose $2.13 to close at $701.91.
(Copyright 2012 by The Associated Press. All Rights Reserved.)