Stock Market News: FedEx Can't Deliver on Earnings; Fiat Chrysler Makes a Deal
The stock market didn't see any huge moves on Wednesday morning, but investors were nevertheless pleased to see major benchmarks remain resilient even in the face of political uncertainties. Market participants don't seem to be nervous about pending impeachment proceedings against President Trump, instead choosing to focus on the favorable economic trends that the U.S. has seen recently. As of just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 32 points to 28,299. The S&P 500 (SNPINDEX: ^GSPC) rose 4 points to 3,196, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 15 points to 8,838.
Yet the market did get some bad news from FedEx (NYSE: FDX), which many see as a bellwether for the broader economy. The mergers and acquisitions arena also remained active, with Fiat Chrysler Automobiles (NYSE: FCAU) moving forward with its deal to combine with Peugeot.
Shares of FedEx dropped 9% after the package delivery specialist announced its fiscal second-quarter financial results. Investors found the news extremely disappointing, and the report raised new concerns about FedEx's prospects for the near-term future.
Source Fool.com
