US STOCKS-Wall Street hovers at record highs; FedEx sinks

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* S&P 500, Nasdaq hit new record highs
* FedEx tumbles 9% after cutting profit forecast
* Trump impeachment vote in focus
* Indexes: Dow, Nasdaq up 0.1%, S&P flat

(Updates to open)
By Uday Sampath Kumar
Dec 18 (Reuters) - The S&P 500 and Nasdaq extended a record
rally on Wednesday, even as FedEx limited gains after cutting
its annual profit forecast for the second time this year.
FedEx FDX.N shares fell 9.2%, set for worst day since
September, after the U.S. parcel delivery company cut its fiscal
2020 profit forecast on heavy expenses, slowing global trade and
the fallout from its breakup with Amazon.com Inc AMZN.O .
A Wall Street rally, spurred by hopes of an initial
U.S.-China trade deal last week, propelled the S&P 500 and the
Nasdaq to record closing levels for four straight sessions.
All three major indexes are on pace for their sixth straight
session of gains and if the S&P 500 .SPX ends the day higher,
it will be its longest streak of record closes since January
2018.
The benchmark index has gained over 27% so far this year,
rising in all but two months as investors cheered three interest
rate cuts by the Federal Reserve and progress in trade relations
between Washington and Beijing.
"The market hitting new record highs on a daily basis is
largely based on some of the good macro news that we've had over
the past several weeks, indicating that a soft patch seems to
have abated," said Peter Cardillo, chief market economist at
Spartan Capital Securities in New York.
With little chance of another major update on trade progress
between the world's top two economies before the end of the
year, analysts say the market will likely stay around present
levels.
One of the risk factors still on the horizon is an almost
certain impeachment of President Donald Trump as the House of
Representatives gears up for a historic voting on two charges
accusing him of abusing his power and obstructing Congress.
At 10:16 a.m. ET the Dow Jones Industrial Average .DJI
was up 22.86 points, or 0.08%, at 28,290.02, the S&P 500 .SPX
was up 1.43 points, or 0.04%, at 3,193.95 and the Nasdaq
Composite .IXIC was up 5.77 points, or 0.07%, at 8,829.13.
The results from FedEx also pressured shares of rival United
Parcel Service Inc UPS.N , with the Dow Jones Transport Average
.DJT down 1.3%.
The healthcare sector .SPXHC was boosted by Eli Lilly & Co
LLY.N , which gained 3.1%, after Morgan Stanley upgraded the
stock to "overweight".
In results-driven moves, General Mills Inc GIS.N rose 1.1%
as strong demand for the Lucky Charms maker's pet food helped it
beat quarterly profit estimates.
Advancing issues outnumbered decliners by a 1.03-to-1 ratio
on the NYSE and a 1.20-to-1 ratio on the Nasdaq.
The S&P index recorded 25 new 52-week highs and no new low,
while the Nasdaq recorded 92 new highs and 27 new lows.

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