Tuesday saw railroad stocks rebound to new heights.
Railroad stocks are especially significant as railroads play a massive roll in the US economy. In fact, railroad stocks are often referred to as an important indicator of American economic health.
The Nasdaq hit record highs on Tuesday, only to see stocks turn slightly lower by the trading day’s end. The Nasdaq composite reached a session high of 8139.55, beating the previous record of 8133.30 set last August. The Nasdaq didn’t enjoy its ascent for too long, as it fell to a total loss of 0.2%. The S&P 500 also finished down 0.2%. In other news, Boeing shares rose after the aerospace giant reported its earnings and suspended guidance and buybacks.
Canadian Pacific rail surged past the buy point of 224.29 and reported first-quarter earnings at $2.09 per share. This is flat compared to last year, but it beats previous expectations. Revenue also went up 3%.
Enbridge shot up as well, but weak volume and the relative strength line has continued to trend lower.