* Indexes set their sixth straight session of gains
* FedEx tumbles 10% after cutting profit forecast
* Trump impeachment vote in focus
* S&P 500 hits its fifth consecutive all-time high
* Indexes: Dow flat, S&P up 0.1%, Nasdaq gains 0.2%
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By Uday Sampath Kumar and C Nivedita
Dec 18 (Reuters) - The S&P 500 inched to an all-time high on
Wednesday, extending a record-setting run as optimism about
global economic growth strengthens, limited somewhat by a steep
drop in FedEx shares.
The Nasdaq also hit a record high. All three major indexes
were on pace for their sixth straight session of gains, building
on a rally from late last week spurred 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 10% drop in
FedEx FDX.N shares 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 .
The profit warning from FedEx pressured shares of rival
United Parcel Service Inc UPS.N , with the Dow Jones Transport
Average .DJT down 0.9%.
The market also largely shrugged off the near certain
impeachment of Donald Trump as the House of Representatives
gears up for a historic vote later in the day on two charges
accusing the U.S. President 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. Inc FB.O was the biggest boost to the S&P 500 as
Deutsche Bank raised its price target on the stock. 1:10 p.m. ET, the Dow Jones Industrial Average .DJI
was up 10.03 points, or 0.04%, at 28,277.19, the S&P 500 .SPX
was up 2.55 points, or 0.08%, at 3,195.07 and the Nasdaq
Composite .IXIC was up 20.52 points, or 0.23%, at 8,843.88.
Small cap Russell 2000 .RUT hit its highest level in 14
months on Wednesday.
Advancing issues outnumbered decliners by a 1.39-to-1 ratio
on the NYSE and by a 1.04-to-1 ratio on the Nasdaq.
The S&P index recorded 34 new 52-week highs and no new low,
while the Nasdaq recorded 125 new highs and 41 new lows.
The S&P 500 and the Clinton impeachment Image https://tmsnrt.rs/2S3ucgo
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