Media partakes in market rally
Dow up 3.9%; Showbiz 50 climbs 4.5%Wall Street's wild ride continued Thursday with a rally spurred by rumors that a big governmental economic fix is on its way.
That bit of vagary had the Dow hopping 3.9%, the Nasdaq surging 4.8% and The Hollywood Reporter Showbiz 50 climbing 4.5%.
Thursday's move almost wiped out Wednesday's losses, but the markets are still off dramatically in recent days and weeks.
On Thursday, only four of the Showbiz 50 stocks were lower: Liberty Media, Sony, Cablevision and, on its first day of trading as a revamped company, Discovery Communications.
Discovery's class A shares (which changed from the former Discovery Holding Co. to Discovery Communications on Thursday) closed down 25% to $13.81. It's class C shares, which reflect the retooled company, rose 25% to $16.
Some of the biggest Showbiz 50 gainers were some of the year's worst performers, including radio companies Entercom Communications and Cumulus Media, up 30% and 20%, respectively. Blockbuster was tops, soaring 32% to $2.50.
There were no individual newsworthy catalysts driving those three hefty gains.
Among the conglomerates, Viacom led with a 5.8% move, followed by News Corp. and CBS, each up 4.2%. Disney rose 3.9% and Time Warner settled for a 1.5% gain.