Media Stocks Rebound After a Rough Start

Dec 27, 2018  •  Post A Comment

Thursday was another wild day for the stock market, but Variety reports that in the end the major indices rallied “furiously” in the final hour and a half of trading to rebound from heavy losses earlier in the day. The action followed Wednesday’s historic 1,086-point gain.

“The Dow Jones Industrial Average took a nearly 900-point swing between 2:30 p.m. and 4 p.m. ET, closing in positive territory with a 1% gain, or 260 points,” Variety reports. “At the start of trading on Thursday, investors were dismayed to see most of Wednesday’s gains wiped out.”

Variety adds: “Netflix, Amazon, Apple, Discovery and Viacom were among the media and tech stocks hit hard during the downturn with more than 4% losses. But in the end, Netflix eked out a small gain for the day ($255.57, up .75%) while the others regained some ground.”

Variety notes that on Thursday, “Disney, Comcast, AT&T, CBS, and AMC Networks held up better with declines in the 2%-4% range during the selloff. All but CBS ended the day just over the line into positive territory, while CBS was flat at $43.37. Lionsgate couldn’t break out of its stock slump given the gravitational pull. The stock finished the day behind by .60% to $15.45.”

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