Another Bad Day for Stocks

Continued queasiness over the potential for higher inflation rates continued to pound the stock market Monday, with the Dow Jones Industrial Average shedding more than 1,100 points – it’s largest single day decline ever – as investors headed for the exits. Cable stocks, which fell hard in last week’s sell-off when the Dow lost about 1,100 points over five days of trading, continued to falter.

The Dow closed at 24,345.75, down 1,175.21 points or about 4.6%. Other indices had similar declines -- the S&P 500 fell 113.19 points (4.1%) to 2,648.94 while the NASDAQ 100 closed at 6,495.92, down 264.37 points (3.9%). 

Every stock in the sector posted losses on Monday, ranging from a 1.1% ($7.98 per share) decline for Cable One to a 4.8% ($1.83 per share) dip for Liberty Global.

The declines swept across business lines, with programmers, distributors and tech giants all posting losses. Google closed at $1,054.66 per share on Monday, down 5.2% ($57.24 each), while Amazon fell 2.8% to $1,390 each, Netflix was down 4.9% to $254.27, Apple fell 2.5% to $156.49 and Facebook was off 4.7% to $181.61 per share.

On the distribution side, Comcast was down 4.7% to $36.66, Dish fell 4.4% to $44,72 each, Charter was down 3.9% to $372.50, AT&T dipped 3.8% to $36.63 and Verizon was down 4.1% to $50.50 each.

Programmers also had a rough Monday, with Discovery Communications down 4.3% to $22.78 per share, AMC Networks down 4.2% to $48.92 per share; Viacom down 3.4% to $31.14; and The Walt Disney Co. down 3.7% to $104.70 per share.