Crude oil prices soared to a record $60 a barrel Thursday, and stocks tumbled after FedEx Corp. said high fuel prices will hurt profits.
Shares of FedEx and truckload carrier Covenant Transport dropped after the companies issued lower forecasts, citing high fuel costs. Shares United Parcel Service Inc. fell 1.9 percent to $68.91 even as the company affirmed its financial targets.
The Dow Jones industrial average fell by 166.49 points, or 1.57 percent, to close at 10,421.44.
"The big sell-off came when oil hit $60 a barrel," Tim Ghriskey, chief investment officer at Solaris Asset Management told the Reuters news agency.
Shares of FedEx and truckload carrier Covenant Transport dropped after the companies issued lower forecasts, citing high fuel costs. Shares United Parcel Service Inc. fell 1.9 percent to $68.91 even as the company affirmed its financial targets.
The Dow Jones industrial average fell by 166.49 points, or 1.57 percent, to close at 10,421.44.
"The big sell-off came when oil hit $60 a barrel," Tim Ghriskey, chief investment officer at Solaris Asset Management told the Reuters news agency.
Read more about
Economy
media brand
0 Comments
See all comments