An upbeat outlook from FedEx, coupled with encouraging home sales, lifted US stocks on Monday, keeping the S&P 500 above 1,100 for a second day and suggesting the rally could last. FedEx Corp raised its outlook, boosting its stock by 5.6%. The news from the package delivery and business services company validates the optimism of those who believe the economic recovery is less fragile than recently thought. FedEx was very real, on top of UPS (last week), so if the economy is slowing, people are still shipping a lot of stuff around for a slowing economy, said Stephen Massocca, managing director of Wedbush Morgan in San Francisco. The S&P 500 closed above the 1,100 level for the second straight session, which some investors feel is of key importance because it represented the top of a trading range the benchmark index had failed to break several times in the past month. In another milestone, the S&P 500 also rose above its 200-day moving average of 1,113.71.
The above article was extracted from Skyline Talent updates of Skyline College. Skyline College is amongst the top MBA delhi and BBAinstitutes in Delhi, Gurgaon (NCR).
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