By Ryan Vlastelica
NEW YORK, Sept 11 Thu Sep 11, 2014 2:11pm EDT
<span id="articleText"><span id="midArticle_start"/> NEW YORK, Sept 11 (Reuters) - Transportation stocks were higher on Thursday, bucking the trend of the general market and edging back near record levels.
<span id="midArticle_1"/> The strength in the group is a bullish indicator, as it is often viewed as a proxy for economic activity. The Dow Jones Transportation Average was up 0.2 percent on the day, moving within 0.7 percent of a record close hit Sept. 5. It is up 15.4 percent thus far in 2014.
<span id="midArticle_2"/> The transports sector found support at its 14-day moving average on Thursday, a sign of positive near-term momentum. While the S&P 500 was on track for its third straight close below its own 14-day moving average, transports haven't closed under the key technical level since Aug. 12.
<span id="midArticle_3"/> Correlation is high between the S&P and the transport index, currently 0.95, according to Thomson Reuters data. (Perfect correlation is 1.0.) While correlation has weakened since Sept. 3, when it was 0.97, it is up significantly from a recent low of 0.76 hit on July 31.
<span id="midArticle_4"/> Among specific components, barge operator Kirby Corp was up 1.1 percent at $123.03 while FedEx Corp was up 1 percent at $152.27.
<span id="midArticle_5"/><span id="midArticle_6"/> Index snapshot at 13:58 EDT:
<span id="midArticle_7"/> * S&P 500 was falling 5.15 points, or 0.26 percent.
<span id="midArticle_8"/> * Nasdaq Comp was losing 24.03 points, or 0.52 percent.
<span id="midArticle_9"/> * Dow industrials was dropping 53.36 points, or 0.31 percent.
<span id="midArticle_10"/> * Russell 2000 was adding 0.37 points, or 0.03 percent.
<span id="midArticle_11"/> * S&P MidCap was adding 1.6 points, or 0.11 percent.
<span id="midArticle_12"/> * S&P SmallCap was gaining 1.02 points, or 0.15 percent. (Editing by Bernadette Baum and Nick Zieminski)
<span id="midArticle_13"/>
NEW YORK, Sept 11 Thu Sep 11, 2014 2:11pm EDT
<span id="articleText"><span id="midArticle_start"/> NEW YORK, Sept 11 (Reuters) - Transportation stocks were higher on Thursday, bucking the trend of the general market and edging back near record levels.
<span id="midArticle_1"/> The strength in the group is a bullish indicator, as it is often viewed as a proxy for economic activity. The Dow Jones Transportation Average was up 0.2 percent on the day, moving within 0.7 percent of a record close hit Sept. 5. It is up 15.4 percent thus far in 2014.
<span id="midArticle_2"/> The transports sector found support at its 14-day moving average on Thursday, a sign of positive near-term momentum. While the S&P 500 was on track for its third straight close below its own 14-day moving average, transports haven't closed under the key technical level since Aug. 12.
<span id="midArticle_3"/> Correlation is high between the S&P and the transport index, currently 0.95, according to Thomson Reuters data. (Perfect correlation is 1.0.) While correlation has weakened since Sept. 3, when it was 0.97, it is up significantly from a recent low of 0.76 hit on July 31.
<span id="midArticle_4"/> Among specific components, barge operator Kirby Corp was up 1.1 percent at $123.03 while FedEx Corp was up 1 percent at $152.27.
<span id="midArticle_5"/><span id="midArticle_6"/> Index snapshot at 13:58 EDT:
<span id="midArticle_7"/> * S&P 500 was falling 5.15 points, or 0.26 percent.
<span id="midArticle_8"/> * Nasdaq Comp was losing 24.03 points, or 0.52 percent.
<span id="midArticle_9"/> * Dow industrials was dropping 53.36 points, or 0.31 percent.
<span id="midArticle_10"/> * Russell 2000 was adding 0.37 points, or 0.03 percent.
<span id="midArticle_11"/> * S&P MidCap was adding 1.6 points, or 0.11 percent.
<span id="midArticle_12"/> * S&P SmallCap was gaining 1.02 points, or 0.15 percent. (Editing by Bernadette Baum and Nick Zieminski)
<span id="midArticle_13"/>
- Link this
- Share this
- Digg this
- Reprints
via Smart Health Shop Forum http://ift.tt/1wjLBQZ
No comments:
Post a Comment