Fauci says first case of omicron variant in U.S. confirmed

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Dow transports turns lower, led by sharp reversal in airline stocks

The Dow Jones Transportation Average has swung into negative territory Wednesday, with the pullback driven by a sharp reversal in its airline components. After tumbling 3.2% to a five-week low on Tuesday, the Dow transports were up as much as 2.5% earlier in Wednesday’s session, but were last down 0.5%, with 12 of 20 components losing ground, in afternoon trading. The biggest decliner was American Airlines Group Inc.’s stock , which erased an intraday gain of as much as 3.1% to drop 6.8% toward the lowest close since Jan. 26. Among the Dow transports’ other biggest losers, United Airlines Holdings Inc. shares slid 5.9% after being up 3.1% at its intraday high, Delta Air Lines Inc.’s stock slumped 5.8% after being up as much as 3.1% earlier and Avis Budget Group Inc.’s stock declined 4.4% after being up as much as 4.8%. Meanwhile, the Dow Jones Industrial Average was up 29 points, or 0.8%, after being up 520.92 points, or 1.5%, at its intraday high.

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