Stocks end mixed as September rally loses steam

NEW YORK -- Stocks struggled to a mixed finish Thursday as a two-week rally lost momentum. News of a retrenchment by FedEx Corp. also discouraged buyers.

Stocks have been rising for most of September, but on unusually weak volume as skepticism lingers about the economy. FedEx, an economic bellwether, darkened the mood with an announcement that it would eliminate 1,700 jobs in an effort to save its money-losing U.S. trucking business.

Traders were becoming wary as the Standard & Poor's S&P 500 index, the benchmark most used by professional investors, approached the high end of its recent trading range. Investors are often hesitant to push a major index outside of recently tested limits for fear that automated selling programs could kick in and send prices lower.

Over the past few days the S&P has approached 1,131, a level it has not touched since June. Market analysts have long paid attention to technical trading levels such as these, but they are especially important now since electronic trading is so prevalent.

According to preliminary calculations, the Dow Jones industrial average rose 22.10, or 0.2 percent, to close at 10,594.83. The Dow has now risen in 10 of the last 12 days.

Broader indexes were mixed. The Standard & Poor's 500 index fell 0.4, or 0.04 percent, to 1,124.66. The index is still up 7.2 percent for September, which is usually a weak month for stocks.

The Nasdaq composite edged up 1.93, or 0.08 percent, to 2,303.25.

About three stocks fell for every two that rose on the New York Stock Exchange, where volume came to 900 million shares.