NEW YORK, Dec 18 — Wall Street stocks added to records early today on continued positive momentum from last week’s US-China trade agreement, while FedEx slumped following a disappointing earnings report.
Investor sentiment remained upbeat after last week’s announced deal between the United States and China calling off new tariffs and pledging reductions of some earlier levies.
Investors appeared unperturbed by an impending vote in the House of Representatives to impeach President Donald Trump, an effort that lacks Republican support in the Senate where Trump’s fate will be determined if the House impeaches the president.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 28,309.72.
The broad-based S&P 500 also gained 0.2 per cent, rising to 3,197.46, along with the tech-rich Nasdaq Composite Index, which stood at 8,840.51.
All three major indices finished at records on Tuesday, with the S&P 500 and Nasdaq at peaks for the fourth straight day.
Among individual companies, FedEx sank 8.8 per cent as it reported disappointing revenues and earnings, the result of lost business with Amazon and increased spending to meet rising e-commerce demand.
The company also cited “weak global economic conditions” as a factor.
General Mills added 1.0 per cent as it reported a 69 per cent increase in second-quarter profits to US$580.8 million and raised a key cash flow target for the full year. — AFP
