The bull market that began in 2009 continued its stampede today in abbreviated trading ahead of Independence Day: The Dow Jones Industrial Average increased 0.5% and crossed 17,000 for the first time following a strong June jobs report that showed the unemployment rate dropping to 6.1%, its lowest point since late 2008. Media companies joined in the rally. The Dow Jones U.S. Media Index, up 0.7%, hit an all time high. So did Disney (+0.5%), Time Warner Cable (+0.7%), Charter (+0.3%), and Nielsen (+0.6%), while Time Warner (+0.7%) and Gannett (0.7%) touched 52-week highs.
Fox (+1.4%) led the Big Media pack followed by Discovery (+0.8%), Time Warner, Disney, Viacom (+0.2%), Comcast (+0.6%), and CBS (no change) while Sony dropped 0.5%.
More broadly in the sector, the market smiled on Crown Media (+3.8%), New York Times Co (+3.2%), Cablevision (+2.2%), and RealD (+2.1%). Only a handful of companies lost ground including Cinedigm (-2.4%), Twitter (-1.1%), Pandora Media (-0.9%), and IMAX (-0.7%).