Why Shares of FedEx Are Up Today
Shares of FedEx (NYSE: FDX) gained more than 7% on Tuesday as investors cheered promising signs of an economic recovery. FedEx and other transport companies have been hit hard by the COVID-19 pandemic, but FedEx is well positioned to rebound if and when the economy begins to recover.
FedEx shares were hit hard in the early days of the pandemic, losing nearly 40% of their value during a period from mid-February to mid-March. The global outbreak slowed economies, cut supply chains, and led to weak demand for shipping services.
Image source: FedEx.
Source Fool.com
