Speculation that a major central bank will help to stimulate the global economy contributed to a roughly 2% gain in the market in mid-afternoon trading, pushing stocks back into positive territory for 2012. The Dow Jones U.S. Media Index is up 1.6% and the SNL Kagan Media and Entertainment Index is +1.9%. News Corp, up 3.5%, is enjoying the biggest jump among Big Media companies. It’s followed by Sony (+2.7%), Comcast (+2.1%), Viacom (+1.9%), Time Warner (+1.8%), CBS (+1.6%), and Disney (+1.1%). Elsewhere in media, LIN TV, Coinstar, and Entercom are up more than 6%, while Lionsgate and McClatchy are up at least 4%. Even Facebook is enjoying a rare bounce: It’s up 4.5%, but still off 29% from its IPO price last month. The day’s few decliners include Barnes & Noble (-1.4%), Cinedigm (-1.3%), and Sinclair (-1.0%).
By DAVID LIEBERMAN, Financial Editor | Wednesday June 6, 2012 @ 3:24pm EDTTags: Facebook, News Corp, Stock Market
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This article was printed from http://www.deadline.com/2012/06/media-stocks-join-wall-street-rally-on-optimism-about-economic-relief/