US: Stocks end higher as FedEx surges

WALL Street stocks finished higher after a choppy session on Wednesday that saw big moves in some individual stocks after corporate earnings, with FedEx rising and General Mills tumbling.

Shipping giant FedEx surged 15.5 per cent after reporting earnings that topped estimates following job cuts and other measures to cull expenses.

But General Mills slid 4.6 per cent as it reported a six per cent drop in quarterly sales while price inflation hits demand.

The Dow Jones Industrial Average finished up less than 0.1 per cent at 39,127,80.

The broad-based S&P 500 gained 0.2 per cent to 5,477.90, while the tech-rich Nasdaq Composite Index climbed 0.5 per cent to 17,805.16.

“It was not a heavy input day in terms of new news,” said Art Hogan of B. Riley Wealth Management, who pointed to Friday’s Personal Consumption Expenditures index as the week’s most anticipated report owing to its implications for the Federal Reserve.

SEE ALSO

US: Wall Street slips as tech recovery stalls

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Among individual companies, Rivian Automotive soared more than 23 per cent after announcing that Volkswagen would invest up to US$5 billion in the electric vehicle maker, establishing a joint venture.

Whirlpool jumped 17.1 per cent following a Reuters report that German engineering company Robert Bosch is weighing a takeover bid.

Moderna fell 11 per cent following clinical testing showing that the efficacy of the company’s RSV vaccine fell sharply after the first year. AFP