US stocks close mixed on FedEx, Boeing news

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SME Times News Bureau | 20 Dec, 2019
US stocks closed mixed as investors digested a batch of corporate news.

The Dow Jones Industrial Average on Wednesday fell 27.88 points, or 0.10 per cent, to 28,239.28. The S&P 500 fell 1.38 points, or 0.04 per cent, to 3,191.14. The Nasdaq Composite Index rose 4.38 points, or 0.05 per cent, to 8,827.73, Xinhua reported.

FedEx shares plunged more than 10 per cent after the shipping giant reported weaker-than-expected quarterly earnings.

The company reported adjusted earnings per share of $2.51 and revenue of $17.3 billion, both lower than Wall Street's estimates.

US airplane giant Boeing Company announced earlier this week that it would temporarily halt production of 737 Max jets beginning in January after US regulators ruled out any clearance for the troubled planes for flight until next year.

Boeing said in a statement that the decision is driven by a number of factors, including the extension of the US regulators' certification process into 2020, as well as the uncertainty about the timing and conditions of return to service.

Bank of America Global Research said in a report on Wednesday it estimates that the stoppage could amount to a 0.5-percentage-point drag on the first quarter US GDP growth.