* Nasdaq notches record high while S&P, Dow dip
* FedEx tumbles 10% after cutting profit forecast
* Small-cap Russell hits highest level in 14 months
* Indexes: Dow down 0.1%, S&P down 0.04%, Nasdaq up 0.05%
(Recasts with index declines; updates to market close)
By April Joyner
NEW YORK, Dec 18 (Reuters) - The S&P 500 ended a five-day
winning streak on Wednesday as investors' optimism about global
economic growth was countered by a steep drop in FedEx Corp
FDX.N shares, but the benchmark index managed to hover near
all-time highs.
FedEx shares tumbled 10.0% after the U.S. parcel delivery
company cut its fiscal 2020 profit forecast on heavy expenses,
slowing global trade and fallout from its breakup with
Amazon.com Inc AMZN.O .
The decline in FedEx shares weighed on the blue-chip Dow
industrials. Shares of rival package delivery company United
Parcel Service Inc UPS.N fell 1.9%. The FedEx and UPS losses
sent the Dow Jones Transport Average .DJT down 0.9%.
But the Nasdaq notched a record closing high for a fifth
straight session.
Even with Wednesday's nominal losses on the S&P 500,
analysts said market sentiment remained largely upbeat following
last week's announcement of an initial U.S.-China trade
agreement. Earlier in the session, the S&P 500 hit its fifth
consecutive record high.
"Investors have gotten much more comfortable with the path
of things that have been dark clouds over the market," said
Wayne Wicker, chief investment officer at Vantagepoint
Investment Advisers in Washington. "This is just somewhat of a
pause after having such a strong run."
The market largely shrugged off the likely impeachment of
U.S. President Donald Trump as the House of Representatives
geared up for a historic vote later in the day on two charges
accusing Trump of abusing his power and obstructing Congress.
Impeachment would have little effect on the factors most
influential on U.S. markets, said Shannon Saccocia, chief
investment officer at Boston Private. "It doesn't change what
the Fed does," she said. "It doesn't change what happens from a
China perspective."
The Dow Jones Industrial Average .DJI fell 27.88 points,
or 0.1%, to 28,239.28, the S&P 500 .SPX lost 1.38 points, or
0.04%, to 3,191.14, and the Nasdaq Composite .IXIC added 4.38
points, or 0.05%, to 8,827.74.
The small-cap Russell 2000 .RUT hit its highest level in
14 months and ended 0.25% higher.
Facebook Inc FB.O shares rose 2.1%, providing the biggest
boost to the S&P 500, as Deutsche Bank raised its price target
on the stock.
Advancing issues outnumbered declining ones on the NYSE by a
1.55-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers.
The S&P 500 posted 40 new 52-week highs and no new lows; the
Nasdaq Composite recorded 166 new highs and 59 new lows.
Volume on U.S. exchanges was 7.72 billion shares, compared
to the 6.95 billion average for the full session over the last
20 trading days.
The S&P 500 and the Clinton impeachment Image https://tmsnrt.rs/2S3ucgo
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