Investing.com - Transportation stocks were higher in midday trade after earnings from railroad carriers came in better than expected.
CSX Corporation (NASDAQ:CSX) and U,nion Pacific (NYSE:UNP) were higher after both companies showed an improvement in efficiency. CSX gained 2.4% after it beat Wall Street forecasts, while Union Pacific was up 1% even though its earnings missed. Kansas City Southern (NYSE:KSU) is expected to report its earnings before the morning bell on Friday.
The Dow Jones Transportation index extended its weekly gains to 2% and reached its best level in nearly a month. Still, the group remains near its sideways range as it remains sensitive to economic changes, Briefing.com reported.holds a wealth of information.
After an horrific start to the month the trannies are now leading the industrials for the week, the month and the last three months.
That doesn't happen going into a recession.
Additionally of today's 200 point loss in the DJIA 153 of those points are due to the highest-priced component, Boeing getting whacked on possible management non, mis or mal-feasance.
Meaning Boeing is masking the underlying 'blah' to up tendency.
In the 1940's and 50's a market being down going into the weekend was interpreted to mean ma and pa investor would have a couple days to worry about their 22 shares of AT&T: "Ma, d'ya think we should call that broker feller on Monday?" leading to the old saw that markets don't bottom on Fridays, you have to pick off ma & pa first.
Things move faster today so markets sometimes do bottom on Fridays but the psychology never changes.
More next week.
Dow Industrial 26,838.49 -187.39(-0.69%)
Dow Transportion 10,504.22 +8.04 (+0.08%)
S&P 2,991.96 -5.99 (-0.20%)