Dow Transports Dragged Down By Selloff In FedEx, Airline Shares

The transportation sector is notably not participating in the broader market's gains, as a selloff in FedEx Corp.'s stock after disappointing quarterly results, and weakness in airline stocks after oil prices swung sharply higher, weighed heavily. The Dow Jones Transportation Average slumped 82 points, or 0.9%, in afternoon trade. The $7.60, or 4.4% drop in FedEx's stock shaved off 46 points from the DJTA's price. Including the $2.35, or 2.1% decline in FedEx rival United Parcel Service's stock , the two package-delivery service components accounted for nearly three quarters of the DJTA's decline. Meanwhile, among the shares of the index's airline components, United Continental Holdings' dropped 2.6%, Delta Air Lines' shed 1.6%, Southwest Airlines' slid 1.7% and Alaska Air Group's gave up 1.9%, while JetBlue Airways' rose 0.8%. Separately, the Dow Jones Industrial Average rallied 140 points, or 0.8%, with 25 of 30 components gaining ground.