Nasdaq closes with a 0.1% gain to start the week

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Dow transports surge as Norfolk and Avis stocks account for half the gains

The Dow Jones Transportation Average surged 111 points, or 1.1%, in afternoon trade Monday, as rallies in shares of Avis Budget Group Inc., Norfolk Southern Corp. and airlines helped the index buck the weakness seen in the Dow Jones Industrial Average . Avis’s stock ran up 8.6% after Goldman Sachs swung to being bullish from bearish on the car rental company, as the headwinds facing the company and industry are believed to be already priced into the stock. Norfolk’s stock hiked up 3.9% after the railroad company presented its strategic plan at its investor and financial analyst conference, saying it expects revenue growth at a compound annual rate of 5% through 2021, a dividend payout ratio of 33% and continued share repurchases. The price gains of both stocks added a combined 55 points to the Dow transports’ price. Meanwhile, the shares of all six airline components were trading higher, and added a combined 22 points to the index. Meanwhile, the Dow industrials was down 56 points.

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