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US stocks close down on glum news from bellweather FedEx

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A roundup of trading on major world markets:

NEW YORK – Glum economic news from FedEx left stocks mixed.

The Dow Jones Industrial Average rose 11.54 points to 13,564.64, while the S&P 500 index fell 1.87 points to close at 1,459.32 and the Nasdaq closed down 0.87 points at 3,177.80.

FedEx said it sees a worldwide economy that has stalled.

Investors pay close attention to the company’s forecasts because its package delivery business spans the globe and offers a window into how the economy is doing.

FedEx reduced its fiscal-year profit forecast sharply because its customers used its express air delivery service less in favour of slower and cheaper ground service.

FedEx’s stock fell $US2.73, or 3.1 per cent, to close at $US86.55.

Apple climbed above $US700 for the first time, rising $US2.13 to close at $US701.91.

Apple shares have risen more than 19 per cent in the past three months. The recent gain has been driven by strong sales of the company’s iPhone and related gadgets.

LONDON – Europe’s main stock markets fell, extending the previous day’s losses, despite improving German investor sentiment as traders chose profits after last week’s strong gains.

The benchmark FTSE 100 index dropped 0.47 per cent to 5,865.81 points. Frankfurt’s DAX 30 retreated 0.67 per cent to 7,354.29 points and in Paris the CAC 40 slumped 0.9 per cent to stand at 3,521.61 points.

The Madrid market fell 1.10 per cent and Milan plunged 2.39 per cent.

HONG KONG – Asian markets mostly fell following losses on Wall Street and as profit-takers moved in after last week’s huge gains sparked by the US Federal Reserve stimulus plan.

Anti-Japan protests across China also hit shares in both countries, with three of Japan’s biggest car makers saying they had closed their factories or cut production in China as a result.

Tokyo closed 0.39 per cent, or 35.62 points, lower at 9,123.77 on Tuesday.

Hong Kong shed 0.27 per cent, or 56.18 points, to 20,601.93 while Shanghai fell 0.91 per cent, or 18.96 points, to 2,059.54.

Seoul edged up 0.13 per cent, or 2.61 points, to close at 2,004.96

WELLINGTON – New Zealand shares fell, pushing the NZX 50 Index down from its highest point in more than four years, as commodity prices gave up recent gains.

The NZX 50 fell 12.75 points, or 0.3 per cent, to 3,804.47.