Stocks Open Lower After FedEx Gives Glum Outlook

By: Associated Press Email
By: Associated Press Email

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Stocks are down a few minutes after the opening bell after FedEx said the global economy is getting worse. Markets in Europe are down, too.

The Dow Jones industrial average is down 28 points to 13,524. The Standard & Poor's 500 index is down almost four points to 1,457. The Nasdaq is down almost seven points to 3,172.

FedEx ships goods worldwide, so it has a good view of economic activity. On Tuesday morning it said the worldwide economy is in a "stall." It says it's seeing recession-like conditions.

Markets rallied sharply last week after the Federal Reserve announced aggressive measures intended to kick-start the economy. This week, investors have been more focused on the weak growth that caused the Fed to act.

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