US stocks fell for a second session on Wednesday as oil prices surged in late trading while poor results from FedEx underscored the challenges of rising energy prices and crumbling profitability facing the broader economy and equity markets.

FedEx said it had lost $241m in the fourth quarter after rising fuel costs and a writedown on FedEx Kinko, its copy centre unit, took their toll. The company’s outlook statement for 2009 was also downbeat.