Stocks fall on FedEx, inflation reports

June 17, 2009 1:15:01 PM PDT
A cautious forecast from FedEx Corp. and a downgrade of banks from a credit rating agency are giving investors new reasons to worry. Stocks ended mostly lower Wednesday, though the slide wasn't as severe as in the first two days of the week.

FedEx issued a weak profit forecast and downbeat comments about the economy. Financial stocks saw some of the biggest losses after S&P cut its ratings and revised outlooks on big banks.

According to preliminary calculations, the Dow Jones industrial average is down 7 at 8,498. The S&P 500 index is down 1 at 911, and the Nasdaq is up 12 at 1,808.

About three stocks fell for every two that rose on the New York Stock Exchange, where volume came to 1.3 billion shares.


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