The Dow Jones Transportation Average 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 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 slid 1.2%. Pacing the Dow transports' gainers, Avis Budget Group Inc.'s stock (CAR) 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), which rose 4.4%. Meanwhile, the transports' losers were led by shares of marine engines maker Kirby Corp. (KEX), which fell 1.7%, and trucker J.B. Hunt Transport Services Inc. (JBHT), which lost 1.1%.
(END) Dow Jones Newswires
April 11, 2022 14:02 ET (18:02 GMT)
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