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Why Shares of Transport Companies Are Up Today

Lou Whiteman, The Motley Fool
·3-min read
Why Shares of Transport Companies Are Up Today

Shares of transportation and logistics companies are surging on hopes that scientists are making progress in developing a COVID-19 vaccine, which could speed the process of reopening the economy and getting shipping volumes back to normal levels. Echo Global Logistics (NASDAQ: ECHO) shares were up 11% on Monday afternoon, while shares of FedEx (NYSE: FDX), United Parcel Service (NYSE: UPS), and XPO Logistics (NYSE: XPO) were all up more than 5%. The COVID-19 pandemic has disrupted global supply chains and slowed business-to-business activity, crimping some of the most profitable businesses for shipping companies.

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