Dow Transports Escape Correction Territory For 4th Time In Less Than 3 Weeks

For the fourth time in 2 1/2 weeks, the Dow Jones Transportation Average fell into correction territory, but bounced back out of it by the closing bell. The DJTA closed Wednesday down 0.4% on the day, and 9.8% below its Dec. 29 record closing high of 9,217.44. At Wednesday's intraday low of 8,252.67, when the DJTA was down 1.1% on the day, the index was 10.5% below its record high. Many market observers feel a decline of at least 10% (to up to 20%) from a significant high marks an official correction, while a selloff of 20% or more is a bear market. A close at or below 8,295.69 would make a correction official. The DJTA had dropped into correction territory in intraday trade on May 29, June 1 and June 9, but closed above 8,295.69 each time. The last time it entered official correction territory was August 2011.