The stock market started the New Year on an optimistic note, bringing most media stocks along for the ride.
The Dow Jones Industrial Average closed up 179.82 points, or 1.47%, at 12,397.38, Tuesday, with several companies in the television business showing even larger gains.
Tuesday morning, Miller Tabak + Co. analyst David Joyce raised hit target stock price for AMC, CBS, Walt Disney Co. and Time Warner. In a research note, Joyce noted that the latest figures show modest growth for the U.S. economy, which should keep the advertising market healthy.
Among the biggest gainers among media stocks were Crown Media, up more than 8% to $1.31 a share, Cablevision Systems, up nearly 4% to $14.78 and Comcast, up more than 3% to $24.50. News Corp., Disney and Time Warner Cable were up more than 2%.
Netflix, which announced plans for an original series, was up 4% to $72.24.
On the downside were AMC Networks, off 0.64% to $37.34 and Discovery Communications, which declined 0.24% to $40.87.