Wall Street pauses record-setting rally as FedEx shares tumble
By April Joyner NEW YORK (Reuters) - The S&P 500 ended a five-day winning streak on Wednesday as investors' optimism about global economic growth was countered by a steep drop in FedEx Corp shares, but the benchmark index managed to hover near all-time highs.
By April Joyner
NEW YORK (Reuters) - The S&P 500 ended a five-day winning streak on Wednesday as investors' optimism about global economic growth was countered by a steep drop in FedEx Corp
FedEx shares tumbled 10.0% after the U.S. parcel delivery company cut its fiscal 2020 profit forecast on heavy expenses, slowing global trade and fallout from its breakup with Amazon.com Inc
The decline in FedEx shares weighed on the blue-chip Dow industrials. Shares of rival package delivery company United Parcel Service Inc
But the Nasdaq notched a record closing high for a fifth straight session.
Even with Wednesday's nominal losses on the S&P 500, analysts said market sentiment remained largely upbeat following last week's announcement of an initial U.S.-China trade agreement. Earlier in the session, the S&P 500 hit its fifth consecutive record high.
"Investors have gotten much more comfortable with the path of things that have been dark clouds over the market," said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers in Washington. "This is just somewhat of a pause after having such a strong run."
The market largely shrugged off the likely impeachment of U.S. President Donald Trump as the House of Representatives geared up for a historic vote later in the day on two charges accusing Trump of abusing his power and obstructing Congress.
Impeachment would have little effect on the factors most influential on U.S. markets, said Shannon Saccocia, chief investment officer at Boston Private. "It doesn't change what the Fed does," she said. "It doesn't change what happens from a China perspective."
The Dow Jones Industrial Average <.DJI> fell 27.88 points, or 0.1%, to 28,239.28, the S&P 500 <.SPX> lost 1.38 points, or 0.04%, to 3,191.14, and the Nasdaq Composite <.IXIC> added 4.38 points, or 0.05%, to 8,827.74.
The small-cap Russell 2000 <.RUT> hit its highest level in 14 months and ended 0.25% higher.
Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favoured advancers.
The S&P 500 posted 40 new 52-week highs and no new lows; the Nasdaq Composite recorded 166 new highs and 59 new lows.
Volume on U.S. exchanges was 7.72 billion shares, compared to the 6.95 billion average for the full session over the last 20 trading days.
(Reporting by April Joyner; Additional reporting by Uday Sampath, C Nivedita and Abhishek Manikandan in Bengaluru; Editing by Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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