Markets registered their best single-day gains this year as President Obama met with House Republicans this afternoon to see whether they can reach an agreement to raise the federal debt ceiling and avoid a default. The Dow Jones Industrial Average and Standard & Poor’s 500 ended the day +2.2% while NASDAQ was +2.3%. Media companies fared better with the Dow Jones U.S. Media Index +3%. Time Warner topped our Big Media list, hitting a 52-week high before closing +4.2%. It was followed by CBS (+4%), Disney (+3.1%), Comcast (+2.3%), News Corp (+2.1%), Fox (+2.1%), Liberty Media (+1.9%), and Viacom (+1.1%). Sony slid 0.9%. Other big winners today included Best Buy (+7.6%), Liberty Interactive (+7.2%), Time Warner Cable (+6.1%), and Netflix (+5.4%). The only big loser among noteworthy media companies was a newcomer: SFX Entertainment, entrepreneur Robert F.X. Sillerman’s latest initiative which hopes to capitalize on electronic dance music. It went public this week at $13 a share but has fallen in its first two trading days — closing today at $11.20, -5.8%.
Media Stocks Join Market Rally On Hopes That A Federal Default Will Be Averted
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