How FedEx and Constellation Brands Lifted the Whole Stock Market Wednesday
Wednesday morning began another good day for Wall Street, as major market benchmarks managed to claw upward by modest amounts. Investors have seemed complacent even in the face of rising COVID-19 case counts, and they've instead focused squarely on signs of economic recovery. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 57 points to 25,870. The S&P 500 (SNPINDEX: ^GSPC) gained 14 points to 3,115, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 61 points to 10,121.
Today's the beginning of the third quarter, and although earnings season won't begin in earnest for another couple weeks, market participants got a peek at current conditions from a couple of important companies. FedEx (NYSE: FDX) often acts as a bellwether for the global economy, as it takes financially healthy businesses and consumers to ship goods from place to place. Constellation Brands (NYSE: STZ) has a much different view, but the beer and spirits giant has a useful perspective on how people are dealing with the pressures of the pandemic.
FedEx stock soared 13% after the delivery company reported its fiscal fourth-quarter and full-year 2020 results. Although the negative impact from the coronavirus pandemic was evident, there were some good signs in the report as well.
Source Fool.com
