Media Celebrate Stock Market’s Record High
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. Analysts say the rally reflects growing optimism about the economy, especially after the Institute for Supply Management reported data today showing strength in the service sector. 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%. Others up at least 3% include IAC (+4%), Best Buy (+3.6%), and Starz (+3%). Only a handful of media stocks declined today. Their ranks included Martha Stewart Living Omnimedia (-2%), IMAX (-1.4%), TiVo (-1%), and DreamWorks Animation (-1%).
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