The Dow Jones Transportation Average fell 0.2% in midday trading Wednesday, to buck the gains in the broader stock market, as the shares of all six of the index's airline components fell after United Airlines Holdings Inc. (UAL) reportedly warned it could furlough more than a third of its workforce. While the Dow transports fell, with 12 of 20 components losing ground, the Dow Jones Industrial Average rose 34 points, or 0.1%, with 17 of 30 components gaining. United Airlines' stock fell 2.8%, after The Wall Street Journal reported ( ) that the airline warned its employees that it could furlough 36,000 of them, and likely make them permanent job cuts, as the COVID-19 pandemic continues to weigh on travel demand. United had about 96,000 employees at the end of 2019. Among the Dow transports' other airline components, shares of American Airlines Group Inc. (AAL) shed 2.4%, Delta Air Lines Inc. (DAL) dropped 2.4%, Southwest Airlines Co. (LUV) lost 2.2%, JetBlue Airways Corp. (LUV) declined 2.0% and Alaska Air Group Inc. (ALK) gave up 1.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 08, 2020 12:38 ET (16:38 GMT)
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