Media Stocks Recover As Upbeat Jobs Report Propels Market Rally

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Media Stocks Join Market Rally On Hopes That A Federal Default Will Be Averted
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Media Stocks Join Market Rally On Hopes That A Federal Default Will Be Averted

The Labor Department’s estimate that 175,000 people joined U.S. payrolls last month had something for everybody: It was strong enough to show that the economy is improving — but not sufficiently encouraging to exacerbate fears that the Federal Reserve might curtail its stimulus efforts. The market responded with the Standard & Poor’s 500 rising 1.3% for the biggest two-day rally this year. And media stocks recovered from a downdraft earlier this week; the Dow Jones U.S. Media Index appreciated 1.9% today to end the week +1.3%. Sony led the Big Media pack, with shares +3.2% today. It was followed by Disney (+2.7%), Comcast (+2.3%), Viacom (+2.3%), Time Warner (+2.2%), and News Corp (+1.1%). CBS was the only decliner, -1.7%.Other media companies ending the week on a high include Barnes & Noble (+7.8%), Pandora (+5.7%), Starz (+4.5%), RealD (+3.7%), Amazon (+3.4%), and Yahoo (+3.2%). The handful of companies losing ground today include TiVo — -19% after disclosing a smaller-than-expected court settlement — AT&T (-1%), and Best Buy (-0.6%).

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