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The news on railroads has been bad for weeks.
When freights are down, as reported by the Association of American Railroads just last week, you know railroad companies are hurting. The trade group said freights fell 25.8% for the week ending May 9, and railroad stocks tumbled afterward. Even this morning, it was reported that Union Pacific CEO Jim Young told a roomful of investors not to expect freight volumes to rebound any time soon.
So, what did traders do today? Move the biggest railroaders into positive territory, of course. ...
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