Wednesday morning, the important Dow Jones Transportation Index traded lower by 1.09 percent. The transportation sector is followed closely by many traders and investors as a leading indicator. Often, traders will look favorably at the economy when the transportation stocks trade higher. It is generally a sign that the economy is growing and expanding.
When the transportation stock declines it is usually viewed as a sign of economic contraction by traders and investors. Today, the iShares Dow Jones Transportation ETF (IYT) is trading lower by 0.89 cents to $89.59 a share. Short-term traders should watch for intra-day support around the $89.40, and $89.00 levels.
Some leading transportation stocks that declined lower yesterday include FedEx Corporation (FDX), Union Pacific Corp (UNP), CSX Corp (CSX), and United Continental Holdings Inc (UAL) to name a few. The leading transportation stocks have been very range bound over the past several months.
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Transports Head Southbound Early In The Session
Published 10/25/2012, 02:43 AM
Updated 07/09/2023, 06:31 AM
Transports Head Southbound Early In The Session
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