Baltic Dry Index Rallies 30 Percent; Stocks Respond
Many traders and economists look at the Baltic Dry Index, which measures worldwide shipping traffic, as a proxy for the global economy.
After making a low of 723 on July 22, the Baltic Dry index has rallied sharply, now trading at 942, up about 30 percent from the lows.
Some of the major shipping stocks have responded:
- Dry Ships (NASDAQ: DRYS) up 18 percent off the lows from $2.70 to $3.19
- Eagle Bulk Shipping (NASDAQ: EGLE) up 35 percent off the lows from $1.02 to $1.38
- Diana Shipping (NYSE: DSX): up 14 percent off the lows from $9.20 to $10.53
- Safe Bulk (NYSE: SB): up 17 percent off the lows from $6.80 to $7.95
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