UPDATED after market close:
Exhibition stocks rallied Thursday in a volatile market with Cinemarks shares surging a whopping 73% to close at $11.39.
Imax, National Cinemedia surging and AMC Entertainment also rose sharply, way outpacing the broader market which eked out modest gains. The DJIA rose 0.95%, or 188 points. The S&P 500 gained 0.48%. The Nasdaq was livelier, up 2.3%.
Exhibitors were buoyed as the National Association of Theater Owners (NATO) asked Congress for a bailout yesterday as the administration passes and considers a range of economic stimulus to for the people and industries hardest hit by the coronavirus crisis.
The market fell more than 2% at the open on Thursday despite massive commitments by governments and central banks to prop up economies and industry and help workers dislocated by the coronavirus pandemic. The indexes turned up in late morning, creeping tentatively into positive territory.
Imax is 42%. Cinemark is up 50%. AMC Entertainment is up 2%. National Cinemedia is up 20%.
Deadline reported Wednesday that theaters in China, where Imax has significant operations, may reopen by the end of the month.
And the National Association of Theater Owners has asked Congress for a an aid package to help workers at the hard hit industry.
Among other big showbiz stocks, Netflix is up 7%. Disney is up 4.8%, Comcast, up 4.3%. ViacomCBS is up 2.5%.
After two truly horrific day with 6%-plus losses and trading halts, today’s more modest dip – at least so far – according to one CNBC anchor, may be showing “tepid signs of lessening volatility.”
The U.S. Department of Labor this morning reported a surge of 70,000 new jobless claims for the week ending March 14, reflecting a much greater than expected number of individuals filing for unemployment insurance. The total number of initial jobless claims came in at 281,000 for the week but that number is expected to spike next week.
The European Central Bank launched a so-called Pandemic Emergency Purchase Program (PEPP) of 750 billion euros ($818 billion) worth of debt purchases to help the regional economy.
Panic selling smashed the market Wednesday, when the Dow dropped 1,338 points, or 6.% – bringing total losses since its Feb. 12 closing high near 33%,
Late Wednesday, the U.S. Senate a multi-billion aid package that expands unemployment insurance, paid sick leave and other benefits.
The New York Stock Exchange will close its trading floor and move to fully electronic trading on March 23 after two individuals tested positive for COVID-19 during screenings launched at the exchange this week.