Dow Drops 300 Pts as Traders Fret Over FedEx Warning, Wall Street Heads for Big Weekly Loss
Shares of FedEx plunged 24% after the shipments company withdrew its full-year guidance and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.” The Dow dropped 306 pts or 1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.6%, respectively. (
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