Media Not Spared by Wall Street Bloodbath
Dow Jones Industrial Index suffers worst one-day points drop ever, largest percentage drop since September 2001.
By P.J. Bednarski -- Broadcasting & Cable, 9/29/2008 1:03:00 PM
Media companies took their lumps along with everybody else on Wall Street, with the Dow Jones Industrial Index down 777.68 points.
It was the worst one-day drop in history and the largest percentage drop since right after the Sept. 11, 2001, terrorist attacks.
The market plummeted after the House defeated a government bailout package for the financial sector amid fears about what it could mean for the general economy. Virtually every sector felt the sting of Monday's stock-market attack of the jitters.
Near the market's close, News Corp. shares traded at $12.07, down $1.18 per share, or 8.91%. Time Warner Cable was trading at $23.65, down $1.59 or 6.3%. Disney shares were down 9.2%, or $3.02 apiece, at $29.73. CBS shares were down 7.14%, or $1.10 each, at $14.58. And Viacom shares fell 7.8%, or $1.99, to $23.44.
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