(Reuters) - U.S. stocks were little changed on Thursday as mixed economic data and a cautious forecast from economic bellwether FedEx kept the market locked in its recent tight trading range.
Shares in FedEx Corp (FDX.N) fell 3.7 percent to $82.72 after the company, seen as a proxy for economic demand because of the wide swath of industries it serves, forecast quarterly profit below Wall Street's expectations and warned the recovery may slow.
A drop in initial jobless benefit claims to a two-month low in the most recent week was not enough to lift stocks, while a gauge of business activity in the U.S. Mid-Atlantic region showed a contraction for a second straight month in September.
The S&P 500 has settled into a range between support at its 200-day moving average around 1,115 and resistance around 1,130. Attempts to pierce 1,130 have been thwarted several times since June, including this week. (more)
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