Dow transports falls to buck the broader stock market's rally
The Dow Jones Transportation Average slumped 0.5% in afternoon trading, to buck the strength in the broader stock-market indexes, led by weakness in trucking and rail operators. Of the Dow tranports' 20 components, 14 traded lower, while the Dow Jones Industrial Average rallied 117 points, or 0.4%, with 23 of 30 components gaining ground. The S&P 500 rose 0.3% and the Nasdaq Composite tacked on 0.2%. With the Dow transports, the biggest drags on the index's price were the shares of Landstar System Inc. , which fell $1.70, or 1.5%; Union Pacific Corp. , which gave up $1.63, or 1.0%; and J.B. Hunt Transport Services Inc. , which shed $1.35, or 1.2%. The best performer was Matson Inc.'s stock , which rose 66 cents, or 1.8%. The Dow transports' divergence comes after it shot up 2.6% on Thursday, while the Dow industrials rose 373 points, or 1.4%.
Published:9/6/2019 1:02:07 PM