A day after shedding 600 points and after a week of heavy declines, the Dow Jones Industrial Average began clawing back on Friday, with cable stocks rising in the 2% to 7% range.

A favorable jobs report -- the U.S. added 312,000 new jobs in December-- helped lift the market and temper fears about the economy after a string of declines, driving the index to close at 23,433.16, up 746.9 points. The gains come after a 600-point drop Thursday, spurred by Apple reducing its quarterly revenue targets because of sluggish IPhone sales in China.

The Dow, down 8.7% in December -- its worst showing for that month since 1931 -- has had a better go of it in the first week of the New Year, rising 0.5%. In addition to the strong jobs data, Federal Reserve chairman Jerome Powell said the central bank would be patient regarding raising interest rates, which gave added hope to investors.

For media stocks, shares that were battered the most in 2018 seemed to fare the best on Friday. Dish Network, which lost 48% of its value in 2018, but was upgraded to “neutral” Thursday by influential analyst Craig Moffett of MoffettNathanson,  had the biggest gain -- up 7.1% to $28.29 per share. Other stocks that slowed in 2018 -- Charter Communications, Liberty Global, and Altice USA -- fared almost as well. Liberty Global, which shed 40% of its value in 2018 was up 6.4% to $22.76 per share and Charter, down 15.2% in 2018 increased 5.4% to $302.88 per share. Altice USA (down 22.2% in 2018) rose 1.7% to $17.41 and Comcast, down 15% in 2018, gained 3.4% on Friday, while Viacom (down 16.6% in 2018) was up nearly 2%.

Rounding out the sector, The Walt Disney Co. closed at $109.61 per share, up 3.1%; CBS finished at $47.71 (up 2.3); Discovery was priced at $26.16 (up 2%) and 21st Century Fox closed at $48.09 each, up 1.3%.

Technology stocks, battered over the past few weeks,  also had a much better showing.

Apple, which lost 10% of its value Thursday, gained some of that back Friday, closing at $148.26 each, up 4.3%. Netflix rose 9.6% to $297.34; Amazon was up 5% to $1,575.20; Google rose 5.3% to $1,069.80 and Facebook was up 4.7% to $137.96 per share. 

Charter Communications continued to prove its commitment to Connecticut, agreeing to relocate its captive insurance operation in the state, according to a statement from Gov. Dannel Malloy.

Earlier this week Charter announced plans to build a new 15-story, 500,000-square-foot headquarters building in Stamford, Conn. Construction on that facility is expected to begin early next year and the company has pledged to add 1,100 new corporate jobs in the state over time. In return, Charter will receive a $10 million loan from the state and could receive more than $10 million in tax credits.

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“This is a clear example of a Connecticut company that understands that Connecticut is a great place to do business – they are growing their corporate headquarters and adding hundreds of new, good paying jobs here,” Gov. Malloy said in a statement. “And now, by establishing their entire captive insurance operations in Connecticut, they are further committing their company to our state. We value Charter’s confidence and look forward to their continued success.”

Charter’s captive insurance operations, Spectrum Communications Indemnity, Inc., is the largest of 15 captives licensed in Connecticut and will provide coverage for Charter’s workers compensation, auto liability, general liability and employment practices liability. Regulated by the state Insurance Dept., captive insurance companies are usually wholly owned and controlled by a parent company or association, and operate to insure the parent’s own risks.

“We are delighted that Charter has chosen Connecticut to grow its captive insurance operations,” Connecticut Insurance Department Commissioner Katharine Wade said in a statement. “This gives the corporation the critical tools it needs to manage its costs and reinvest in its employees and overall operations. Connecticut provides companies of all sizes with a collaborative, prudent regulatory environment aimed at creating sustainable captives to insure and manage their risks for the long term.”

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The Insurance Department initially licensed the captive insurer in December 2016 and Charter subsequently merged all its captive insurance operations as of May 31, 2017. As a result, the combined assets were approximately $400 million following the merger. Annual premiums are anticipated to be approximately $157 million for the current fiscal year.

“As a Stamford-headquartered business, Charter is pleased to bring our insurance captives to the state of Connecticut,” Charter EVP of government affairs Catherine Bohigian said in a statement. “As Charter continues to grow in Connecticut, we look forward to furthering economic opportunities in the state.”

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