Posted 12/20/2023, 11:43:14 AM
Stocks Reverse Course to Close Lower After Nearing Record Highs
- U.S. stocks closed lower on Wednesday, snapping a multi-day rally driven by falling interest rates and the Fed's dovish tone
- The sell-off was abrupt and "surprisingly vociferous", with stocks going from "hot to cold real fast"
- The S&P 500 came within 0.5% of its all-time closing high before reversing
- Economic data was mostly positive, with a jump in consumer confidence and surprise increase in existing home sales
- FedEx shares fell after missing earnings estimates and cutting its full-year revenue forecast