FedEx outlook glum, markets mixed

As Occupy Wall Street demonstrations tied up traffic

As Occupy Wall Street demonstrations tied up traffic Monday on streets in the Financial District, traders in the New York Stock Exchange saw markets slip in a day of light trading. Markets Tuesday seemed equally gloomy as FedEx cut its forecast saying that the global economy is worsening. (Sept. 17, 2012) (Credit: Getty Images)

Travel deals

Glum economic news from FedEx left stocks mixed Tuesday.

The Dow Jones industrial average posted a slight gain, but other indexes fell.

FedEx said it sees a worldwide economy that has stalled. Investors pay attention to the company's forecasts because its global package delivery business offers a window on the economy.

Apple climbed above $700 for the first time, rising $2.13 to close at $701.91. Apple shares have risen more than 19 percent in the past three months. The recent gain has been driven by strong sales of the company's iPhone and other gadgets.

Stocks broadly have been on a strong run. The Standard & Poor's 500 index is up 14 percent since June 1.

"The market is at high levels, certainly due for a pullback, and I suspect we'll probably see one," said Peter Cardillo, chief market economist at Rockwell Global Capital.

The S&P fell 0.13 percent to close at 1,459.32. The Nasdaq composite index fell 0.03 percent to 3,177.80. The Dow rose 11.54 points to 13,564.64.

Markets had rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors appear more focused on the weak growth. -- AP

advertisement | advertise on newsday

Follow Newsday Biz

advertisement | advertise on newsday