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8B Daily News– Wednesday, September 19, 2012 Stocks mixed after FedEx gives a glum outlook Wall Street By JOSHUA FREED AP Business Writer Glum economic news from FedEx left stocks mixed on Tuesday. The Dow Jones indus- trial average posted a slight gain, but other indexes fell. Declining stocks outnumbered those that advanced. And seven of the 10 industries tracked by the Standard & Poor's 500 index declined. European stocks fell. So did oil prices. worldwide economy that has stalled. Investors pay close attention to the com- pany's forecasts because its package delivery busi- ness spans the globe and offers a window into how the economy is doing. FedEx reduced its fis- cal-year profit forecast sharply because its cus- tomers used its express air delivery service less in FedEx said it sees a favor of slower and cheap- er ground service. FedEx's stock fell $2.73, or 3.1 percent, to close at $86.55. Apple climbed above $700 for the first time, ris- ing $2.13 to close at $701.91. Apple shares have risen more than 19 percent in the past three months. The recent gain has been driven by strong sales of the company's iPhone and related gad- gets. Stocks broadly have been on a strong run. The S&P 500 is up 14 percent since June 1. ''The market is at high closed down 0.87 point at 3,177.80. The Dow rose 11.54 points to 13,564.64. Markets had rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors appear more focused on the weak growth that caused the Fed to act in the first place. The Fed's announce- levels, certainly due for a pullback, and I suspect we'll probably see one,'' said Peter Cardillo, chief market economist at Rockwell Global Capital. The S&P 500 index fell 1.87 points to close at 1,459.32. The Nasdaq ment was for open-ended asset purchases, noted Charlie Smith, chief investment officer for Fort Pitt Capital Group in Pitts- burgh. ''The feeling on the Street is, 'OK, what can they do next?' and by def- inition there's nothing more they can do than what they announced,'' he said. That means investors may feel that they've got- ten all of the gains they're going to get after the Fed's announcement, he said. Ed Hyland, managing director at JP Morgan Pri- vate Bank, said it's note- worthy that the market hasn't pulled back more after its recent run-up. ''It will be interesting to see, as we move into earnings season, how the market will react to what we think will be a little bit weaker earnings and macro data,'' he said. Also on Tuesday, the Commerce Department reported that the current account deficit, the broad- est measure of American trade, dropped 12.1 per- cent in the second quarter. That's down from a record high in the January- through-March quarter. The deficit shrank because of an increase in American exports and cheaper oil. But econo- mists are predicting it will grow again because of the global slowdown. news: In other corporate — Energizer Holdings Inc. jumped $7.30, or 10.7 percent, to $75.22 after the battery and flashlight maker said it will cut jobs and reduce its overhead. — Advanced Micro Devices plunged 39 cents, or 9.7 percent, to $3.62 after the world's second-largest Over 25 years of experience for your support over the last 18 years Gold Exchange facebook.com/redbluffgoldexchange 413 Walnut Street Red Bluff www.redbluffgoldexchange.com 528-8000 The North State's premier supplier of stoves STOVE JUNCTION It's HOT now! But don't get left out in the 5A>6! 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Due to the increase in equipment traffic, and the dangerous potential for falling snags, we are posting these areas with No Trespassing signs. Your cooperation is appreciated and we will let you know once these areas are reopened to the public. We are doing this for your safety. Thank you for your cooperation. maker of microprocessors for personal computers announced unexpectedly that its chief financial offi- cer was leaving. — Clearwire Corp. fell 16 cents, or 10.4 percent, to $1.38 after Time Warn- er Cable Inc. said it would sell its 7.8 percent stake in the wireless infrastructure company. The price of oil fell $1.33 to $95.29 per barrel on the New York Mercan- tile Exchange. Oil had hit $100 per barrel in recent days but dropped sharply late Monday as concerns about the lethargic econo- my persisted. Stocks fell in Europe, too, after signs that it will take longer than expected to set up a new authority to supervise European banks. was down 1 percent, the FTSE-100 in Britain fell 0.4 percent, and the DAX in Germany was down 0.8 percent. The CAC-40 in France The yield on the 10- year U.S. Treasury note fell to 1.82 percent from 1.84 percent late Monday. The