Avis, the Latest Meme Stock, Is Driving the Dow Transports Index

Meme trading has come for transportation stocks.

Shares of Avis Budget Group Inc. have increased nearly sevenfold this year, helped by a bounceback in travel and popularity with the online day-trading crowd. The company’s stock has accounted for about one-third of the 2021 gains of the Dow Jones Transportation Average, according to Dow Jones Market Data. It has made up more than half of the index’s gains since the start of September.