I’m convinced Hollywood has been dead for the past 10 days because of all the margin calls as the stock market slumped. But now there’s a reason to slightly celebrate. It’s Good News Tuesday, ranging from Citigroup reporting profitability for the first two months of 2009, to Fed Chairman Ben Bernanke saying the U.S. recession could end this year if financial markets normalize. So Wall Street is rallying with all the major indices up — the Dow up 250 points and the S&P 500 up 30 points, and so on. Fortunately the Big Media stocks also have started to rise after months at rock bottom. GE (NBC Universal’s parent company), Disney, Viacom, CBS, News Corp (parent company of Fox), Time Warner, are all finding relief this morning. Let’s hope it sustains.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.