Stock Market Today: Wall Street Closes Its Record-Setting Week Mixed as FedEx Slumps and Nike Jumps

Dow Jones Industrial Average Rose More Than 400 Points, While Nasdaq Composite Fell

The stock market closed mixed on Friday, with the Dow Jones Industrial Average rising more than 400 points and the Nasdaq Composite falling. The S&P 500 also closed in the red, but managed to eke out a gain for the week. The mixed close came at the end of a record-setting week for the market, with all three major indexes reaching new highs.

FedEx Slumps After Earnings Miss

One of the biggest losers on Friday was FedEx, which fell more than 14% after reporting disappointing earnings. The company said that its earnings per share came in below expectations, and that it was seeing weakness in its international business. The news sent FedEx shares tumbling, and the stock is now down more than 20% for the year.

Nike Jumps After Strong Earnings

On the other hand, Nike jumped more than 5% on Friday after reporting strong earnings. The company said that its sales and profits rose in the fourth quarter, and that it was seeing strength in all of its major markets. The news sent Nike shares to a new all-time high, and the stock is now up more than 30% for the year.

Other News from the Market

Other notable news from the market on Friday included:

• The University of Michigan's preliminary consumer sentiment index rose to 59.1 in March, up from 56.8 in February.
• The number of Americans filing for unemployment benefits fell to 214,000 last week, the lowest level since November 1969.
• The 10-year Treasury yield rose to 1.75%, the highest level since January 2020.

Conclusion

The stock market closed mixed on Friday, with the Dow Jones Industrial Average rising more than 400 points and the Nasdaq Composite falling. The S&P 500 also closed in the red, but managed to eke out a gain for the week. The mixed close came at the end of a record-setting week for the market, with all three major indexes reaching new highs.