US STOCKS-Wall Street extends record-setting rally; FedEx drops

* S&P 500, Nasdaq hit new record highs
* FedEx tumbles 9% after cutting profit forecast
* Trump impeachment vote in focus
* Indexes: Dow flat, S&P up 0.1%, Nasdaq up 0.2%

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By Uday Sampath Kumar and C Nivedita
Dec 18 (Reuters) - The S&P 500 and Nasdaq inched to all-time
highs on Wednesday, extending a record-setting run as investors'
optimism about the global economy remained strong, while a steep
drop in FedEx shares limited further gains.
All three major indexes were on pace for their sixth
straight session of gains, building on a rally kicked off last
week by expectations of an initial U.S.-China trade deal.
Analysts said the trade agreement, announced on Friday,
removed a major risk for global equity markets, leaving stocks
with slightly more room to rise in what is left of 2019.
"The trade truce with China has really set the backdrop for
a continued move higher to the end of the year," said Chris
Zaccarelli, Chief Investment Officer, Independent Advisor
Alliance, Charlotte, North Carolina.
"I don't see a huge rally, just a slow drip."
The benchmark S&P 500 hit its fifth consecutive record high
on Wednesday, its longest streak since January 2018.
However, holding back gains on the index was a near 10%
drop in FedEx FDX.N shares after the U.S. parcel delivery
company lowered its fiscal 2020 profit forecast on heavy
expenses, slowing global trade and the fallout from its breakup
with Amazon.com Inc AMZN.O .
The profit warning from FedEx pressured shares of rival
United Parcel Service Inc UPS.N , with the Dow Jones Transport
Average .DJT down 1.1%.
The market has also largely shrugged off the almost certain
impeachment of President Donald Trump as the House of
Representatives gears up for a historic vote later in the day on
two charges accusing him of abusing his power and obstructing
Congress. Trading history during the impeachment of President Bill
Clinton and the resignation of President Richard Nixon suggests
Wall Street has little to worry about. At 11:57 a.m. ET the Dow Jones Industrial Average .DJI was
up 1.44 points, or 0.01%, at 28,268.60, the S&P 500 .SPX was
up 2.41 points, or 0.08%, at 3,194.93 and the Nasdaq Composite
.IXIC was up 19.75 points, or 0.22%, at 8,843.11.
The healthcare sector .SPXHC was boosted by Eli Lilly & Co
LLY.N , which gained 3.4% after Morgan Stanley upgraded the
stock to "overweight".
Advancing issues outnumbered decliners by a 1.24-to-1 ratio
on the NYSE and for a 1.02-to-1 ratio on the Nasdaq.
The S&P index recorded 32 new 52-week highs and no new low,
while the Nasdaq recorded 113 new highs and 40 new lows.

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The S&P 500 and the Clinton impeachment Image https://tmsnrt.rs/2S3ucgo
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