Stocks end lower after FedEx warning, post weekly declines
Stocks fell Friday after FedEx Corp. issued a profit warning that stirred fears of a global recession, but ended the day well off session lows. Major indexes booked large weekly losses as investors looked ahead to next week's Federal Reserve decision, which is expected to see policy makers deliver another large rate increase in an effort to get inflation under control. The Dow Jones Industrial Average fell around 140 points, or 0.5%, to close near 30,822, according to preliminary figures, after dropping more than 400 points at its session low. The S&P 500 ended 0.7% lower near 3,873, while the Nasdaq Composite shed 0.9% to finish near 11,448. The decline left the Dow down 4.1% for the week, while the S&P 500 saw a 4.8% weekly fall and the Nasdaq slid 5.5%.
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