Dow transports rallying toward longest win streak in 10 years, highest close since January

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The Dow Jones Transportation Average rallied 164 points, or 1.5%, putting it on course for the 11th straight gain to the highest close since Jan. 24, amid a broader stock market rally which has been fueled of late by hopes that the negative impact of the COVID-19 pandemic will soon fade. An 11-session win streak would be the longest since the 11-day stretch that ended March 18, 2010. The index has gained 14.0% during its current streak, compared with a 6.6% gain during its March 2010 streak. The 19 of 20 Dow transports components gaining ground Wednesday were led by FedEx Corp.’s stock , which rallied $8.03, or 4.1%, to add about 49 points to the index’s price. Among the other more-active components, shares of American Airlines Group Inc. climbed 0.8%, United Airlines Holdings Inc. advanced 0.7% and Delta Air Lines Inc. rose 0.5%. Among other top gainers, shares of Avis Budget Group Inc. hiked up 2.6%, Ryder System Inc. climbed 2.2% and United Parcel Service Inc. were up 2.1%. The Dow transports has now gained 1.4% year to date, while its sister index, the Dow Jones Industrial Average , has lost 2.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.