It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Stocks are moving in a tight range Wednesday after FedEx issued a weaker-than-expected profit forecast and downbeat comments about what it sees ahead for the economy. Analysts look to the shipping company's business levels as a gauge of the economy's strength.
A Standard & Poor's downgrade of 22 banks is also weighing on the market.
NEW YORK – A cautious forecast from FedEx Corp. is giving investors another reason to worry about the economy.Stocks are moving in a tight range Wednesday after FedEx issued a weaker-than-expected profit forecast and downbeat comments about what it sees ahead for the economy. Analysts look to the shipping company's business levels as a gauge of the economy's strength.A Standard & Poor's downgrade of 22 banks is also weighing on the marketIn a bright spot, consumer prices rose less than expected in May. Investors have been worrying that increasing prices would threaten a recovery in the economy by curbing demand.#1.
skip a few
FedEx's assessment and falling oil prices hurt commodities stocks. #2 Financial stocks saw some of the biggest losses after credit ratings agency Standard & Poor's cut ratings and revised outlooks on nearly two dozen banks
skip a few
FedEx said its fiscal fourth-quarter loss widened because of hefty one-time charges and lower revenue, though its results stripping out those costs came in above expectations. The company warned it expects "extremely difficult" conditions in the next two quarters. #2
skip a few
S&P said its revisions on ratings and outlooks for 22 banks follow concerns that volatility will remain in the financial industry and that the industry is expected to face tighter regulatory oversight. S&P also said loan losses, which have weighed on balance sheets for more than a year, could grow beyond what many analysts expect. #1
skip a few
Beyond economic data, investors will be looking for insights into the White House's plan for remaking the rules that govern Wall Street. The changes would award new powers to the Federal Reserve to supervise large financial institutions considered too big to fail. It also would establish a consumer protection agency to govern lending and credit as well as rules that would reach into unregulated regions of the financial markets.#1
Stocks that fell outnumbered those that rose 2-to-1 on the New York Stock Exchange, where volume came to 433.7 million shares.
news.yahoo.com
(visit the link for the full news article)
[edit on 17-6-2009 by xoxo stacie]
[edit on 17-6-2009 by xoxo stacie]