Dow transports bounce despite broader market selloff, led by Avis Budget and Delta stock rallies


The Dow Jones Transportation Average DJT, +0.39% bounced 97 points, or 0.7%, with 14 of 20 components gaining ground, to buck the selloff in the broader stock market. The rally comes after the Dow transports closed Friday at a six-month low, following a 13.4% plunge in eight days amid growing fears that rapidly deteriorating market conditions could lead to a freight recession. In comparison, the Dow Jones Industrial Average DJIA, -1.19% has slipped just 1.6% over the same eight days. Monday’s transport bounce comes while the Dow fell 225 points, or 0.7% and the S&P 500 SPX, -1.69% slid 1.2%. Pacing the Dow transports’ gainers, Avis Budget Group Inc.’s stock CAR, +4.85% surged $13.52, or 5.5%, to add about 82 points to the Dow transports’ price. Also, all six of the airline components traded higher, led by shares of Delta Air Lines Inc. DAL, +4.00%, which rose 4.4%. Meanwhile, the transports’ losers were led by shares of marine engines maker Kirby Corp. KEX, -2.24%, which fell 1.7%, and trucker J.B. Hunt Transport Services Inc. JBHT, -1.43%, which lost 1.1%.

This article was originally published by Read the original article here.

Previous article: White House says it wants to make medical debt less of a threat to consumers’ financial health: ‘The system is out to get them’
Next articleGlobal oil benchmark drops below $100 a barrel


Please enter your comment!
Please enter your name here