NEW YORK (AP) — U.S. stock prices are closing mixed, held in check by a warning from the huge package delivery company FedEx that its profits would be hurt because of a slowdown in the global economy.
FedEx cited weakness in its express package delivery business. That’s a sign that FedEx’s customers around the world are choosing slower, cheaper delivery options to save money. FedEx’s stock fell $1.74 to $85.80.
The Dow Jones industrial average closed up 12 points at 13,048 on Wednesday. The Standard & Poor’s 500 index fell a point and a half to 1,403. The Nasdaq composite index lost six points to 3,069.
Also, the Labor Department reported that U.S. companies got more productivity from their workers this spring than originally estimated.