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The S & P 500 ended a five-day rally on Wednesday as investors' optimism about global economic growth was offset by a sharp fall in Federal Express (FDX. N), but the index is still hovering near record highs.
FedEx, the U.S. parcel delivery company, fell 10.0% after it cut its profit forecast for fiscal year 2020 due to heavy spending, slowing global trade flows and the impact of its termination from amazon.o.
The fall in FedEx's share price weighed on the blue chip Dow. Ups. N, its rival, fell 1.9%. The decline in FedEx and UPS led to a 0.9% drop in the Dow transportation sub index.
But the NASDAQ closed at a record high for the fifth consecutive day.
Although the S & P 500 fell slightly on Wednesday, analysts said sentiment remained broadly positive after last week's announcement of the first phase of trade between China and the United States. Earlier in the session, the S & P 500 index set its fifth consecutive record high.
"Investors are more relieved by the path of events that have clouded the market," said Wayne wicker, chief investment officer of vantagepoint investment advisors. "Today's trend is just a breath after such a strong rally."
The market is largely unaffected by the impeachment of President trump. The U.S. House of representatives will hold a historic vote later Wednesday on Trump's allegations of abuse of power and obstruction of congressional investigations.


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