Posts Tagged ‘Transport Stockz’
Transport Stockz Boost Wall Street
Wall Street1
Stocks on Wall Street closed higher again in the trading session that is not too crowded. Shares of the transport sector scored most scintillating performance during trading.
Strengthening the shares held by the negative sentiment debt downgrades Portugal, which further eroded banking shares. Rate hike in China is also a concern of investors.
In trading Wednesday (06/07/2011), the Dow Jones industrial average closed up 56.15 points (0.45%) to a level of 12626.02. The broader Standard & Poor’s 500 rose 1.34 points (0.10%) to a level of 1339.22 and the Nasdaq gained 8.25 points (0.29%) to a level of 2834.02.
The Dow Jones Transportation Average closed up 1.2% and rose to a record high of 5566.07. The increase was led by rising shares of Con-Way Inc. up to 5.7%, after announcing improvements with improved economic well-being of employees.
Transport sector is seen as a barometer of economic activity because the activity as a signal of demand for shipments valued goods. Shares of FedEx Corp. appreciates 1.3% Union Pacific Corp. also rose to 0.8% to U.S. $ 106.59.
But the reinforcement was overshadowed by the decline in Portugal’s rating to ‘junk’, so it still raises concerns about the debt problems of the European Union. Shares of banking sector declined, with the KBW Bank Index dropped 0.7%, while Bank of America declined 2.4% while the Dow Jones largest lowering.
Stock trading is also very thin, with transactions on the New York Stock Exchange is only for 5.98 billion shares, below the average of last year which amounted to 8.47 billion shares.