Dow -61.27 at 12662.69, Nasdaq +9.05 at 2837.28, S&P -3.58 at 1343.74

Market news

5 May 2011

Dow -61.27 at 12662.69, Nasdaq +9.05 at 2837.28, S&P -3.58 at 1343.74

The Dow Jones Transportation Index is up 1.5% today. The outsized gain comes after Con-way (CNW 39.81, +2.21) posted for its latest quarter earnings that bested the consensus earnings per share estimate by $0.20. A sharp drop in oil prices has also provided a positive backdrop to transportation plays; oil was last quoted with a 7.5% loss at $101.05 per barrel after it had started the week above $114 per barrel.

NYMEX June light sweet crude settled down $9.44 at $99.80 per barrel, after trading in a $98.37 to $109.38 range.

Oil slumps under $100, briefly, remains down $9.00 at $100.25.

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