Encouraging data about jobless claims, and the Federal Reserve’s signal that will continue its stimulus program by buying bonds, sent the markets to all-time highs today. The Standard & Poor’s 500 closed +1.3% to nearly 1,707 — the first time it closed above 1,700. And the Dow Jones Industrial Average was +0.8 to 15,628. Media companies did even better as the Dow Jones U.S. Media Index ended the day +1.5%. Big Media companies were all up led by Sony (+4.4%) followed by CBS (3.9%), 21st Century Fox (2.5%), Viacom (2.2%), News Corp (+1.8%), Comcast (+1.7%), and Disney (+1.1%). CBS, Comcast, and Time Warner hit 52-week highs. Other winners in media included DreamWorks Animation (+8.8% following strong Q2 earnings), Starz (+7.4%), and Time Warner Cable (+3.2%). The handful of losers included The New York Times (-3.4%) and DirecTV (-2.0%) both on disappointing earnings reports.
Media Stocks Join Market Rally As Indexes Hit New Highs
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