Transport Topics
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FedEx Corp. reported that profits rose 11% year-over-year on higher revenue due to a rate hike last autumn, but lower operating income companywide due to higher fuel costs, one fewer operating day at FedEx Express and FedEx Ground, and higher costs to expand the Ground network.
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Filings for U.S. unemployment benefits rose to a seven-week high, representing a departure from other data showing a solid labor market.
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Purchases of new homes increased in February to a seven-month high, indicating the effects of the recent rise in borrowing costs on the U.S. residential real estate market have been modest.
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Oil was little changed before a meeting between OPEC and its allies that may signal the outlook for extending their output curbs.
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