Updated from 2:36 p.m. EDT

The transportation industry was enjoying a strong session Wednesday as several trucking and airline stocks were rallying on good news regarding inventory and an economic recovery.

Shares of YRC Worldwide ( YRCW - Get Report) jumped 44.5% after the company said that low business inventories will result in a boon for trucking names once the economy recovers. "There is no inventory anywhere," CEO Phil Zollars said during an analyst conference, according to The Wall Street Journal.

Among other transportation stocks rallying Wednesday were Con-Way ( CNW), up 9%, Old Dominion Freight Line ( ODFL - Get Report), which gaining 7.5%, and J.B. Hunt Transport Services ( JBHT - Get Report), higher by 6.1%.

Several airline companies were also enjoying a sharp rally, including several that found their way onto Moody's Investment Services' The Bottom Rung list as being in risk of default. UAL ( UAUA) was higher by 13.3%, JetBlue Airways ( JBLU - Get Report) was rising 11.3% and AMR ( AMR - Get Report) was up 3.8%.

Not all transportation stocks were participating in the move higher. Among the laggards, Universal Truckload Services ( UACL) was dropping 8.4%, Quality Distribution ( QLTY) was down 14.5% and Dynamex ( DDMX) slipped 5.7%.