Railroad stocks rally after Biden White House says strike has been averted
Shares of railroad operators rallied in premarket trading Thursday, after a railway strike was averted as the White House said a tentative deal has been reached. Shares of CSX Corp. CSX, -1.05% jumped 3.2% ahead of the open, Union Pacific Corp. UNP, -3.69% climbed 3.5% and Norfolk Southern Corp. NSC, -2.16% hiked up 1.7%.
The combined implied price gains of those stock would add about 78 points to the Dow Jones Transportation Average's DJT, -0.41% price, which would represent a 0.6% gain. The Dow transports had fallen 4.2% the past two days amid fears of a labor strike. Meanwhile, futures YM00, +0.05% for the Dow Jones Industrial Average DJIA, +0.10% advanced 59 points, or 0.2%.
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