Dow transports just booked their longest losing streak in 9 years
The Dow Jones Transportation Average on Tuesday booked its longest stretch of consecutive losses since 2011, and another decline would represent its longest skid in about a decade, according to FactSet data.
Frank Cappelleri, executive director and technical analyst at Instinet, described the losses for the Dow transports as the shallowest of the past nearly 30 years. The benchmark reflects the performance of 20 large transportation companies, ranging from railroad operators to airlines and, according to proponents of the century-old Dow Theory, the gauge, along with the Dow industrials, tend to be an accurate barometer of domestic economic health.
All but one of the Dow transport’s components are up so far in 2019. Alaska Air Group Inc. ALK, -2.89% is down 5.1% so far this year. Meanwhile, Avis Budget Group Inc. CAR, -2.52% has enjoyed a nearly 60% rise since the end of last year, making it the biggest gainer among transports. Instinet’s Capelleri said that the current dynamic between industrials and transports will be an important one to watch for signs that the market is exhausted after racking up strong gains in 2019.
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