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Dow transports soar to buck broader stock market slump, led by CSX and United Continental

Tomi Kilgore

The Dow Jones Transportation Average soared 120 points, or 1.1%, in midday trade, as better-than-expected earnings reports helped the transportation sector tracker buck the weakness in the broader stock market. The Dow transports was led higher by earnings reporters, as shares of railroad operator CSX Corp. shot up 4.6%, airline United Continental Holdings Inc. rallied 4.3% and Kansas City Southern hiked up 4.0%, after those companies all reported earnings that beat expectations. The stock price gains were adding a combined 73 points to the Dow transports' price. Meanwhile, the Dow Jones Industrial Average shed 52 points, or 0.2%, the S&P 500 gave up 0.3% and the Nasdaq Composite slipped 0.2%.