TSLA - Avis Budget stock surge propels Dow Transports 2000 points to all-time highs

The Dow Transportation Average (DJT) (BATS:IYT) +8% tops 18,000 for the first time, almost solely due to the takeoff in shares of Avis Budget (NASDAQ:CAR) +140%. CAR tripled this morning before pulling back after saying it will add more electric cars to its fleet. The Dow Transports index rose more than 2,000 points earlier, firing above 16,000, topping May's all-time closing high, through the intraday high above 17,000 and at its peak nearly touching 18,450. The levered Direxion Daily Transportation Bull 3X Shares ETF (NYSEARCA:TPOR) +24% was up nearly 30%. The move is all down to Avis (CAR), noted traders on Hammerstone Markets. The index is price weighted, like the Dow Indusrials (DJI), and CAR rose more than 350 points. A wave of call buying similar to the one that helped Tesla (NASDAQ:TSLA) -2% top $1T last week may be a key driver in the CAR rally. A gamma squeeze, where writers of calls are forced to buy

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Avis Budget stock surge propels Dow Transports 2,000 points to all-time highs