Posted 12/20/2023, 9:14:17 PM
Stocks Fall Sharply After 9-Day Rally; FedEx Plunges 12% on Weak Outlook
- Stocks rose most of Wednesday then fell sharply in afternoon, with Dow down 1.3%, Nasdaq down 1.5%, ending 9-day win streaks
- Markets rallying recently on easing inflation and hopes Fed will cut rates in 2023
- Consumer confidence jumped in December on better views of business conditions, job availability
- Existing home sales ticked up 0.8% in November but remain down 7.3% year-over-year due to high mortgage rates
- FedEx shares plunged 12% on lowered revenue outlook; General Mills stock dropped on soft guidance and slowing consumer demand