Here’s What’s Happenning On Wall Street
As both an investor myself and a market reporter by trade, I watch things very closely at every hour of the trading day. As of Tuesday’s closing bell, a look at the big picture shows good gains this year with the S&P up right at 15% year to date.
But we of course get the roller coaster ride included with our package. It’s kind of like going to Disney World and Las Vegas at the same time.
Stocks are under pressure due to a forecast from the International Monetary Fund on Tuesday, which said that the global economy continues to weaken and that the recession in Europe could extend to developing nations.
Stocks are continuing to show weakness as investors dive into the first few corporate earnings reports covering the third quarter. Alcoa shares are lower after issuing cautious guidance on the financial outlook, mostly because of China’s slowdown.
And U.S. wholesalers increased inventories in August while sales rose for the first time in four months. The sales increase of 0.9 percent was the biggest one-month gain since February.
Investors are sending FedEx shares higher after the world’s second-largest package delivery company vowed to boost profits by shedding jobs, aircraft and underused assets. FedEx plans to boost profit by $1.7 billion within three years.
The latest session for stocks saw the key averages decline. On Tuesday the Dow dropped 110 points to 13,474. The S&P declined 14, while the Nasdaq was down 47 points. So far Wednesday’s trading is showing declines.