The Dow Jones Transportation Average
DJT,
rallied 1.7% in afternoon trading, with 18 of 20 components gaining ground, as part of a broader stock market rally. The index was headed for a fifth-straight gain as it has run up 7.2% this week. That would not only be the best one-week performance since it climbed 8.0% during the week ended Nov. 11, 2022, but it also snaps a six-week losing streak, which was the longest such streak since the six-week stretch that ended the week ending Oct. 26, 2018. The index had closed Oct. 27 at a six-month low. Many market watchers view the Dow transports as a barometer of economic activity, as the economy couldn’t grow even if manufacturing was strong, if goods aren’t being transported. Within the Dow transports, the best weekly performers were shares of Avis Budget Group Inc.
CAR,
which hiked up 24.3%; of United Airlines Holdings Inc.
UAL,
which ascended 11.3%; and of American Airlines Group Inc.
AAL,
which advanced 10.4%. In comparison, the transports’ sister index, the Dow Jones Industrial Average
DJIA,
has gained 5.3% this week.
