Media Stocks Soaring Along With Record-Setting Dow
The Dow Jones Industrial Average soared to historical heights Tuesday, and three of the seven media conglomerates set new 52-week highs in the process: Disney, Time Warner and News Corp.
Six of the seven advanced Tuesday, the exception being Sony, which fell fractionally to $15.51.
CBS notched the biggest gain, up 3 percent to $44.88. On Monday, CEO Les Moonves predicted at an investor conference that CBS stock was going higher.
News Corp. and Viacom each rose 2 percent, with the former closing at $30.57 and the latter at $60.69.
Comcast rose 1 percent to $40.95.
By the end of trading, the media conglomerate with the biggest market capitalization was Comcast, valued at $108 billion. Next was Disney ($102 billion), followed by News Corp. ($71 billion), Time Warner ($51 billion), Viacom ($30 billion), CBS ($28 billion) and Sony ($16 billion).
The combined worth of the seven media conglomerates was nearly identical to that of Apple on Tuesday.
On Tuesday, the Dow closed at 14,253.77, eclipsing the prior record of 14,164 that was set on Oct. 9, 2007.