Stocks climb modestly after FedEx raises outlook

July 26, 2010 11:48:33 AM PDT
Stocks are edging higher after FedEx raised its forecast for the current quarter and predicted a moderate recovery in the global economy.

FedEx's outlook Monday was the latest in a string of upbeat earnings news that has helped lift stocks in recent days. The company is considered an economic bellwether because if companies and consumers are shipping more, that means the economy is likely growing.

The market is also awaiting the Commerce Department's report on June new home sales. It is expected sales rose slightly last month.

The Dow Jones industrial average is up 12.11, or 0.1 percent, at 10,436.05. The Standard & Poor's 500 index is up 1.65, or 0.2 percent, at 1,104.31, while the Nasdaq composite index is up 2.35, or 0.1 percent, at 2,271.82.