Dear Chart of the Day Fan:
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:05 p.m. (1:05 p.m.) on the radio and later on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube. Earlier charts are on my Tumblr page.
Thanks for your interest. It’s appreciated.
The Dow Jones Transportation Average confirmed the industry’s strength for a change by setting a record Wednesday. By surpassing a high in September 2018, the Dow transports followed the example of the S&P 500 Transportation Index, which did the same on Aug. 14. The S&P 500 transports advanced another 8.3% through Wednesday. There wasn’t a broader confirmation to be had under Dow Theory, which holds that the transports and the Dow industrials both have to reach new highs to signal further gains for stocks. Wednesday’s close for the industrial average was 4.2% lower than its record, set in February.