US stocks end higher as FedEx surges
NEW YORK, United States — Wall Street stocks finished higher after a choppy session 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 percent after reporting earnings that topped estimates following job cuts and other measures to cull expenses.
But General Mills slid 4.6 percent as it reported a 6 percent drop in quarterly sales while price inflation hit demand.
The Dow Jones Industrial Average finished up less than 0.1 percent at 39,127,80.
The broad-based S&P 500 gained 0.2 percent to 5,477.90, while the tech-rich Nasdaq Composite Index climbed 0.5 percent 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.
Among individual companies, Rivian Automotive soared more than 23 percent after announcing that Volkswagen would invest up to $5 billion in the electric vehicle maker, establishing a joint venture.
READ: VW to invest $5B to start joint venture with EV maker Rivian
Whirlpool jumped 17.1 percent following a Reuters report that German engineering company Robert Bosch is weighing a takeover bid.
Moderna fell 11 percent following clinical testing showing that the efficacy of the company’s RSV vaccine fell sharply after the first year.
