The Dow Jones Transportation Average strongly outperformed the other major indices on Friday, rising 4 percent on broad strength from truckers YRC Worldwide (YRCW) and Ryder (R), railroads CSX (CSX) and Norfolk Southern (NSC), and airlines AMR (AMR) and Continental Airlines (CAL).
The Dow Jones Transportation Index has rallied nearly 9% today for its best day since September 5, 1939! With the gain today, the Dow Transports is now up 40% from its March low of 2,134.21 - outpacing all the other major averages, which are up about 25% to 30%.
Stocks finished with modest gains as oil dropped modestly, continuing their almost-perfect inverse relationship on a day that also saw the further resurgence of the dollar and solid gains in technology.
Stock index futures pointed to a lower start for the week on Wall Street as oil prices climbed on fears of the affects on energy markets of the war between Russia and Georgia over the South Ossetia region.