CBS Corp. shares hit 52-week high
Other sector biggies also gain in market runupNEW YORK - Shares of CBS Corp. hit a new 52-week high on Tuesday amid broad market gains.
U.S. stock markets soared to come near a five-months high amid hopes that central banks will further stimulate sluggish economies. The broad-based S&P 500 index rose 2.1%.
CBS shares closed up 1.6% at $16.66 after going as high as $17.42 intra-day, their highest level over the past 52 weeks. According to Bloomberg, the stock's market capitalization closed as $11.3 billion. Its one-year return stands at 43%. Among media conglomerates, CBS is the one most reliant on advertising revenue.
Other big media and entertainment stocks also finished higher on Tuesday. News Corp.'s stock climbed 2.9%, Walt Disney shares rose 2.1%, Viacom was 1.8% higher and Time Warner gained 1.5%