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Stocks Mixed After FedEx Gives Glum Outlook

Stocks ended the day with mixed results after discouraging economic news from FedEx.

Wall Street
Spencer Platt, Getty Images

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.)

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