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Tuesday
Dec042012

Stocks Close Lower; Buyouts for FedEx Employees

Hemera/Thinkstock(NEW YORK) -- Stocks closed lower Tuesday with investors still worried as the deadline for the government's fiscal cliff approaches.
 
The Dow gave up 13.82 points, a 0.11-percent loss, to close at 12,951.78. The Nasdaq Composite lost 5.51 points and closed at 2,996.69. The S&P closed at 1,407.05, down 2.41.
 
Meanwhile, FedEx is delivering buyouts.  The shipper will be offering some employees up to two years' pay to leave the company next year, the Memphis Business Journal reports.  

Eligible employees will be notified in February and will have until April to make their decision.  Other workers can apply and FedEx will notify them in May if the application has been accepted.

The company says the buyout offers is part of its plan to cut annual costs by $1.7 billion within three years.

Copyright 2012 ABC News Radio