CBS, Other Sector Stocks Rise as U.S. Markets Have Wild Ride
UPDATED: Shares of big entertainment companies were on a rollercoaster ride Tuesday with Time Warner hitting a new 52-week low during the trading session.
NEW YORK - After major declines in recent days, stock markets in the U.S. had a particularly wild ride on Tuesday, which also took big entertainment stocks on a rollercoaster ride of sorts.
After early gains, stocks swayed back and forth as the Fed in the early afternoon downgraded its outlook for the U.S. economy and said it would hold interest rates at virtually zero through 2013.
At the end of the day, the broad-based S&P 500 stock index finished up 4.7 percent after being up 2.3 percent earlier and then going into negative territory for a bit. The Dow Jones Industrial Average closed up 4 percent.
The FTSE in London finished the day 1.9 percent higher, and the German Dax closed down only minimally. The Nikkei index in Tokyo had finished its Tuesday trading session 1.7 percent lower though.
CBS Corp.'s stock, which has been pummeled in recent days due to the company's more than 60 percent reliance on advertising, roared back with a 14.9 percent gain to close Tuesday at $24.48.
Time Warner's stock hit a new 52-week low of $28.75 before closing up 2 percent at $30.48.
Viacom shares finished the day up 7.5 percent, News Corp. stock rose 6.8 percent, Walt Disney closed 5.1 percent higher, and U.S. shares of Sony Corp. finished up 4.3 percent at $22.61.