Dow Transports Dragged Down By Norfolk Southern, Alaska Air Stocks

By Tomi Kilgore Markets MarketWatch Pulse

The Dow Jones Transportation Average slumped 46 points, or 0.5%, in midday trade Wednesday, to take some of the shine of the Dow Jones Industrial Average's triple-digit point rally to record highs, following disappointing results from Norfolk Southern Corp. and Alaska Air Group Inc. . Shares of Alaska Air slumped $2.74, or 3.1%, after the air carrier missed earnings expectations while was roughly in line, according to FactSet. The stock's price decline was shaving about 17 points off the Dow transports' price. Meanwhile, Norfolk Southern shares shed $3.47, or 2.9%, after the railroad company beat profit expectations but just matched on sales. The price drop was reducing the Dow transports by about 21 points. The Dow transports have gained 4.4% year to date, while the Dow industrials have rallied 9.9%.

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