Dow transports surge on back of Avis Budget's stock strength, to buck the broader-market selloff

32484 dow transports surge on back of avis budgets stock strength to buck the broader market selloff

The Dow Jones Transportation Average DJT, +0.80% charged up 157 points, or 1.1%, in afternoon trading, but with just 9 of its 20 components gaining ground, to as the rally in Avis Budget Group Inc.’s CAR, +7.43% stock provided the boost the index needed to buck the selloff in the broader stock market. The car rental company’s stock shot up 10.6% in afternoon trading, and the $19.18 price gain added roughly 117 points to the Dow transports’ price. Among other top transports gainers, shares of truck rental company Ryder System Inc. R, +1.89% rallied 2.5% and railroad operator CSX Corp. CSX, +1.65% advanced 1.5%. Shares of marine shipping company Matson Inc. MATX, -1.30% shed 1.6% to pace the decliners. The Dow transports’ gains contrast with the weakness in the broader market indexes. The Dow Jones Industrial Average DJIA, -0.49% dropped 263 points, or 0.8%, with 26 of 30 components losing ground, the S&P 500 SPX, -0.38% shed 0.8% and the Nasdaq Composite COMP, -0.00% fell 0.3%.

Source: Marketwatch

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