Trucking stocks have shown a notable move to the upside over the course of morning trading on Thursday, helping the broader markets to recover from an early sell-off.
The gains by trucking stocks have resulted in a 2.1 percent advance by the Dow Jones Trucking Index, which has moved towards the high end of a recent trading range.
J.B. Hunt Transport Services (JBHT) has helped to lead the sector higher, with the trucking company surging up by 5.6 percent. At its high for the session, J.B. Hunt was at a record intraday high.
The strong gain by J.B. Hunt comes after the company reported first quarter earnings that jumped to $0.40 per share from $0.29 per share in the year-ago quarter, exceeding analyst estimates of $0.38 per share.
"Our blend of complementary and diversified services resulted in a 34% increase in earnings over the same period last year and a record high for any first quarter," said John Roberts, J.B. Hunt's president and chief executive officer.
Shares of Werner Enterprises (WERN) have also showed a strong move to the upside after trending lower in recent sessions, with the trucking company up by 2.6 percent.
Knight Transportation (KNX), Heartland Express (HTLD), and Con-Way (CNW) are also posting notable gains, contributing to the strength in the sector.
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