Dow transports take a near 100-point dive after disappointing ISM data
The Dow Jones Transportation Average took a sharp hit in morning trade Wednesday, after the release of the ISM Manufacturing Index for April that fell well short of expectations. The Dow transports, viewed as a proxy for economic activity, dropped 130 points, or 1.2%, after being down 36 points, or 0.3%, just prior to the release of the data. Among the largest decliners, shares of Landstar System Inc. shed 2.6%, Matson Inc. dropped 2.2%, Kirby Corp. gave up 2.1% and J.B. Hunt Transport Services Inc. slid 2.0%. Meanwhile, the Dow Jones Industrial Average was up 48 points, or 0.2%, after being up about 55 points just before the ISM data. The April ISM came in at 52.8%, down from 55.3% a month ago and below expectations of 54.7%.
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