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Stock Market Today: Dow ekes out gain to clinch record close By
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Introduction-- The Dow eked out a gain to close at fresh record highs Friday, as investors weighed up a slump in ...
-- The MT4 trading platform software downloadDow eked out a gain to close at fresh record highs Friday, as investors weighed up a slump in Fedex and expectations for further Federal Reserve rate cuts following the central bank's jumbo-sized cut earlier this week.
At 4.00 p.m. ET (2000 GMT), rose 38 points, or 0.1% to a record close of 42,063.36. The dropped 0.2%, and the slipped 0.4%.
Stocks were boosted late this week after the Federal Reserve cut interest rates by 50 basis points.
Fed speakers return following jumbo rate cut
Federal Reserve speakers returned to the spotlight following the 'black out' period, with remarks form Philadelphia Fed president Patrick Harker and fed Governor Michelle Bowman in focus.
Fed Governor Michelle Bowman said Friday that she voted against the central bank's decision to begin the rate-cutting cycle with jumbo cut to avoid stoking expectations that the Fed has won its battle against inflation.
Bowman was the sole voting Fed member who voted against the Fed's 50 basis point cut in September in favor of a lesser 25bps cut.
Fedex slides on weak earnings, American Airlines eyeing Citi as new credit card partner, jumps on CEO change
Delivery and logistics giant FedEx (NYSE:) stock slid 15% after logging substantially weaker-than-expected quarterly earnings.
The company was hit by customers shifting to cheaper, slower options, while industrial demand was also softer than expected.
FedEx is considered as a bellwether for the global economy, given its heavy exposure to trade. Its weak quarterly earnings also raise questions over a potential slowdown in activity.
Nike (NYSE:) stock rose nearly 7% after the athletic apparel firm announced that Chief Executive John Donahoe will set to step down from the position next month. Elliott Hill, who previously spent more than three decades at Nike in various senior leadership roles, will succeed Donahoe.
The leadership leadership change "will inject a much-needed sense of urgency, focusing on product innovation, storytelling/marketing, and rebuilding wholesale partnerships - areas that suffered under previous leadership resulting in material underperformance in profitability and shareholder returns," Deutsche Bank said.
(NASDAQ:), meanwhile, is in talks to partner with Citigroup as its exclusive credit card issuer, ditching rival issuer Barclays, CNBC reported, citing unnamed sources.
Intel Corporation (NASDAQ:) closed more than 4% higher after Qualcomm (NASDAQ:) approached the struggling chipmaker about a takeover in recent days, the Wall Street reported, citing unnamed sources.
(Peter Nurse, Ambar Warrick contributed to this article.)
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