CBS, Disney shares post 52-week highs
Wall Street seeing gains amid positive economic signalsNEW YORK -- Shares of CBS Corp. and Walt Disney hit 52-week highs Monday as Wall Street started off the new week with its biggest jump in weeks amid positive economic signals.
The broad-based S&P 500 stock index climbed 1.3% to record its best upwards move since early March.
The Dow Jones Industrial Average also rose 1.3% -- its biggest gain since February.
Among the economic factors cited as boosting stocks were increases in personal spending and a key gauge of health in manufacturing.
During the current quarterly earnings season, media and entertainment investors are looking for signs of continuing economic and advertising improvements.
Disney set a 52-week high of $37.98 before closing up 2% at $37.56. CBS shares rose 3.1% to $16.71 after setting a 52-week high of $16.98.
Time Warner and News Corp. also came within earshot of their 12-months highs of $34.07 and $18.80, respectively, which they had set late last month. TW's stock closed up 2.4% at $33.88 after reaching a session high of $34.02 on Monday. And News rose 3.3% to $18.38 after reaching $18.51 at one point.
Other entertainment conglomerates also started the week with gains.
Viacom's stock climbed 2% to $39.78, and Sony shares grew 1.2% to $34.64.