December 21, 2005 5:00 PM, EST

Dow Jones Transportation Average Reaches New High

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he Dow Jones Transportation Average rose 2.3% in trading Wednesday to an all-time high, Bloomberg reported.

The transports index rose $95.57 to $4198.69, Bloomberg reported.

The move was led by strong earnings reported Wednesday by FedEx Corp., CNBC reported. FedEx reported its earnings and revenue both grew for its second quarter ended Nov. 30. (Click here for related coverage.)

FedEx's shares rose $5.21, or 5.3%, to $103.70, an all-time high, Bloomberg reported.

UPS Inc.'s shares gained $1.39 in trading Wednesday to close at $76.62.

FedEx is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. UPS is No. 1.