Dow jumps 322 points behind supply chain companies
After days of declining stocks and uncertainty, the Dow Jones Industrial Average rallied yesterday, buoyed by a strong day of trading in the transportation sector.
The Dow jumped up 322 points on Tuesday, with supply chain and logistics companies leading the way.
Strong performances by Old Dominion Freight Line and Werner Enterprises were supported by smaller transportation and supply chain companies like Knightsbridge Tankers and Universal Truckload seeing their share prices increase.
Big-time players in the logistics market like FedEx and UPS stayed relatively constant, but saw a lot of action throughout the day. Union Pacific Corporation, which runs the largest railroad network in the United States, also saw a good amount of action, and closed the day up $0.29.
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Since peaking on July 21 at 12,724, the Dow has dipped considerably, reaching a low point of 10,719 on August 10. Fears of a double-dip recession are still swirling despite the rebound, which was the biggest gain in the Dow for two weeks.
The news wasn’t all good in the transportation market, however. Hornbeck Offshore, which provides marine transportation services to the offshore oil and gas industry, was down $1.04, a dip of almost 5 percent. JetBlue Airways also had a poor day.