NEW YORK - Shares of UPS Inc. hit their lowest point since April of 2003 on Wednesday, as investors continued to steer away after the company cut its second-quarter earnings prediction late Monday.
UPS, which blamed the continuation of high fuel prices and slumping domestic demand for the reduction, set a new 5-year low Tuesday. Rival FedEx Corp. recorded its lowest stock price in nearly two years Tuesday.
Both companies are considered prime indicators for the performance of the overall U.S. economy.
UPS fell 34 cents to $61.92 in afternoon trading, after hitting as low as $61.68 earlier. FedEx shares added 50 cents to $80.48.
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