Dow transports rallies toward a record, to buck the broader stock market’s selloff

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The Dow Jones Transportation Average rallied 1.2% in afternoon trading, bucking the selloff in the broader stock market, to put the transportation sector tracker on track for a record close. Alaska Air Group Inc.’s stock , which hiked up 2.4%, paced the 19 of 20 Dow transports components that were gaining ground, while Ryder System Inc. shares were second best with a 2.3% gain. Alaska Air said late Tuesday that it expected fourth-quarter capacity to be down about 40% from a year ago, and more than 4,000 employees took extended leaves as the air carrier expects to cut capacity further next year. Among some of the other more-active gainers, shares of American Airlines Group Inc. climbed 2.2%, Delta Air Lines Group Inc. tacked on 0.4% and United Airlines Holdings Inc. advanced 2.1%. The lone loser was United Parcel Service Inc.’s stock , which slipped 0.6%. The Dow transports’ rally comes while the Dow Jones Industrial Average fell 172 points, or 0.6%, to sit 3.5% below its Feb. 12 record close of 29,551.42.
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