Sequester Be Damned! Stock Market Closes at All-Time High. Many Media Stocks Enjoying the Ride Deadline.com
"The Dow Jones Industrial Average closed today at 14,253.77, topping the previous record high in 2007 -- and other benchmarks aren’t far behind," writes our friend David Lieberman at Deadline.com.
The story continues: "The widespread momentum contributed to the continuing strength in media stocks, which have outperformed the market over the last year or so, pushing many to levels at or near their all-time highs. Big Media companies today were led by CBS (+2.5%), News Corp. (+2.4%), Viacom (+1.9%), Time Warner (+1.6%), Comcast (+1.4%), and Disney (1.2%). The only loser in the group today was Sony (-0.4%). Among media stocks generally, broadcasters did especially well today with Radio One +15.9%, Sinclair +5.5%, and Entercom +4%."