Media Conglomerates Contribute to Historic Highs for Major Stock Indexes
The Dow Jones Industrial Average stock index touched 15,000 for the first time in history on Friday, and media stocks mostly participated in the broader rally.
Only one of the big conglomerates, Viacom, fell on Friday.
By the close Friday, the Dow had advanced just under 1 percent to close at 14973.96, an all-time high even though it ultimately fell shy of the 15,000 mark.
The S&P 500 closed 1 percent higher Friday to 1,614.42, its first-ever close above 1,600.
Of the big seven media conglomerates, four exceeded the 0.96 percent climb that the Dow achieved Friday while three did not.
Disney, the biggest conglom in terms of market cap, rose 1.4 percent Friday to $64.80, while Comcast, the next biggest conglom, was up 1 percent to $42.54.
As for the rest, in order of market cap: News Corp. was up 0.2 percent to $32.02; Time Warner was up 1.1 percent to $60.43; Viacom fell 0.4 percent to $67.27; CBS was up 0.1 percent to $47.40 and Sony rose 2.2 percent to $17.16.
Wall Street analysts said the surge in stocks Friday was sparked by a strong jobs report in April that eased anxiety over a struggling economy.