The transportation sector was taking a beating Tuesday, much worse than the broader stock market, due in part to a big selloff in United Parcel Service Inc.’s stock UPS following the package delivery giant’s disappointing earnings report. The Dow Jones Transportation Average DJT dove 421 points, or 2.9%, in morning trading, while the Dow Jones Industrial Average DJIA fell 84 points, or 0.3%, and the S&P 500 shed 0.7%. UPS shares slumped 8.9% toward a two-month low, after the company reported first-quarter profit that matched expectations but missed on revenue, as decelerating retail sales in the U.S. led to lower-than-expected volumes. The stock’s $17.41 price decline shaved about 106 points off the Dow transports’ price. Meanwhile, JetBlue Airways Corp.’s stock JBLU was the lone gainer within the Dow transports, rising 2.6%, after the air carrier reported better-than-expected first-quarter results.
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