Dow Jones News: Microsoft Partners With FedEx; Apple Stock Rises as Stores Slowly Reopen
The Dow Jones Industrial Average (DJINDICES: ^DJI) had surged 3.4% by 12:50 p.m. EDT Monday. The rally was likely driven by two pieces of news. First, Federal Reserve Chairman Jerome Powell said in an interview on 60 Minutes that the Fed was "not out of ammunition by a long shot" as it combats the negative impact of the novel coronavirus pandemic. Second, an early-stage vaccine trial showed positive results.
Tech giants Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL) underperformed the market on Monday, although both stocks still managed to rise. Microsoft announced a collaboration with FedEx (NYSE: FDX) to offer logistics solutions, and Apple plans to open more of its U.S. stores this week.
FedEx is not a huge fan of e-commerce giant Amazon.com. A Bloomberg article earlier this year described the company as "a kind of anti-Amazon ally for big-box retailers." FedEx founder Fred Smith expects the company's strategy, which involves strengthening relationships with brick-and-mortar retailers, to allow it to overtake rival UPS within the next few years.
Source Fool.com
