U.S. stocks mixed after glum news
by Joshua Freed, AP Business Writer
September 19, 2012 12:00 AM | 491 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Glum economic news from FedEx left stocks mixed on Tuesday.

The Dow Jones industrial 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.

FedEx’s stock fell $2.73, or 3.1 percent, to close at $86.55.

Apple climbed above $700 for the first time, rising $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 gadgets.

Stocks broadly have been on a strong run. The S&P 500 is up 14 percent since June 1.

“The market is at high 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 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.
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