CSX stock price target raised to $75 from $65 at J.P. Morgan

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Dow transports surge to a higher high, a week after a Dow Theory sell signal was triggered

The Dow Jones Transportation Average shot up 209 points, or 2.0%, to 10,802 in midday trade Wednesday, fueled by the upbeat earnings reports from components air carrier United Continental Holdings Inc. and railroad operator CSX Corp. . The Dow transports are on track to end the day above the Feb. 26 close of 10,769.84, which was where the the index’s recovery initially peaked after the Feb. 9 closing low of 10,136.61. The Dow transports’ higher high would come just seven sessions after it closed at a lower low of 10,119.36 on April 9, which in effect triggered a “sell” signal from the century-old Dow Theory of market analysis. The Dow Theory states that downtrends are characterized by lower lows and lower highs, while uptrends have higher highs and higher lows. Meanwhile, the transports’ sister index, the Dow Jones Industrial Average was down 28 points at 24,759, and was still well below its Feb. 26 recovery high of 25,709.27. CSX’s stock shot up 6.6% and United Continental shares ran up 6.5%; combined, the price gains were adding about 49 points to the Dow transports’ price.

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