The market has been whipsawed by fears about the coronavirus. But one sector has plunged even more than the broader market in the past few days: transportation stocks. Right now people are staying home — and the markets are reflecting that fear.
New York The market has been whipsawed by fears about the coronavirus. But one sector has plunged even more than the broader market in the past few days: transportation stocks, whose fortunes are inexorably intertwined with the macroeconomy.
Airlines are a barometer for sentiment. When people are traveling, it's generally a sign the economy is doing well. Right now people are staying home -- and the markets are reflecting that fear.The Dow Jones Transportation Average , cousin to the more famous Dow 30, is down 5% in the past week and is nearly 18% below its 52-week high. Amid the coronavirus worries, the transportation index is close to being in a bear market -- which happens when a stock or index is 20% off a recent peak.
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