Dow Jones Transportation Average hit by CSX and Norfolk Southern stock drops
Written by David C. Lester, Editor-in-Chief
Stock image from Pixabay
MarketWatch reports that Norfolk Southern and CSX stocks dropped shortly after trading began Tuesday morning, which caused the Dow Jones Transportation Average to drop 12 points, or 0.1%. In contrast, the Dow Jones Industrial Average increased by 39 points, or 0.1%.
Specifically, CSX’s stock price fell 1.3% and Norfolk Southern’s stock price fell 0.5%. One analyst noted that “Importantly, this downgrade should not be extrapolated more broadly to our U.S. Transportation coverage universe, but rather specifically to Eastern rails (CSX and NSC), which have disproportionate exposure to export coal markets.”
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