Stocks of the parcel delivery giant FedEx Corporation surged 6 per cent, led by encouraging signs of market recovery. The Tenn.-based shipping company, as per economic bellwether, the Memphis, is expected to soon come out of financial trouble, as indicated by improvement in demand, especially in higher price international service.

Jim Corridore, an analyst with Standard & Poor's Equity, said: "We think today's news shows continued progress in the global economic recovery we have been looking for."

The firm's announcement to exceed guidance on better-than-expected international volume increased the morale of investors, pushing FedEx shares $4.66 to close at $77.32. Rival United Parcel Service Inc also performed well, reporting 4 per cent increase in shares to settle at an 11-month high of $58.80.

Refraining to comment on the exact time frame for the market recovery, FedEx Chief Financial Officer Alan Graf said: "Revenue per shipment declined year over year in each of our transportation segments, as fuel surcharges declined significantly and we continue to face a very competitive pricing environment combined with significant overcapacity in the [less-than-truckload] freight market."