FedEx Corp soared by its most in the past 22 years after the package shipping company made an improvement to its outlook for profit, which alleviated the fears of a weak global economy.

Profit will end between $10.70 and $10.90 per share for the current year that ends during May, in comparison to its forecast previously of between $10.40 and $10.90.

Analysts were anticipating profit of $10.55. The shipping company said a program of cost reduction of $1.7 billion that was nearly complete and moderate economic growth in the U.S. was helping to fuel the demand for shipments.

FedEx reported earnings topped estimates on Wall Street and disputed the competitive risk due to it bolstering its own network of air delivery through the leasing of planes.

The results, said one analyst, were much better than had been expected.

FedEx was up 12% at close on Thursday, marking the biggest climb in one day since July of 1993.

The stock was the biggest gain for the S&P 500 index, which approached its level of break even for the year, hoping to be spurred on through a weaker dollar.

FedEx operates the largest cargo airline in the world, has a fleet of delivery trucks for packages and a freight operation and moves goods from financial documents to electronics and pharmaceuticals around the world. As such, it is looked at by some as an economic bellwether for the U.S.

Investors had been down on the shipping company coming into the earnings report late Wednesday, partly due to certain trends that included volumes of truckloads that were less than had been expected.

The better than had been expected performance by the company has helped to flip it to the better.

The comments made by the CEO of FedEx Fred Smith saying that Amazon does not pose any major threat to the company have also helped relieve investors.

FedEx reported a rise in adjusted earnings to just over $2.51 per share for its fiscal third quarter, which beat analyst’s projections of $2.34.