Cable stocks surged Wednesday, riding a 490-point gain in the Dow Jones Industrial Average after a flurry of favorable economic news.
The Dow finished the day at 12,045.68, up 490 points (4.2%) after several central banks announced a coordinated plan to make dollar funding cheaper, China said it would loosen its monetary policy and hiring at private businesses in November was the strongest monthly gain this year.
The news lifted all sectors, including cable.
Time Warner Cable, up 4.5% ($2.61) to $60.42 per share, led MSO stocks, followed closely by Comcast, up 4.2% (92 cents) to $22.67. Cablevision Systems was up 1.7% (25 cents) to $14.99 each, followed by Charter Communications, up 0.4% (23) to $52.87.
Satellite stocks also posted gains, with DirecTV gaining 3.4% ($1.55) to $47.22 and Dish Network up 2.3% (56 cents) to $24.57 per share.
Programmers enjoyed big gains, led by News Corp., up 5.6% (94 cents) to $17.85; Walt Disney Co., up 5.4% ($1.85) to $35.85; Viacom up 4.9% ($2.48) to $53.65; HSN Inc. rising 4.8% ($1.64) to $35.80; Time Warner Inc. rose 4.3% ($1.43) to $34.81; Discovery Communications up 4.3% ($1.73) to $41.98; and Scripps Networks up 2.7% ($1.04) to $39.81. Liberty Interactive rounded out the sector, up 2.8% (44 cents) to $16.26, followed by AMC Networks, up 2% (69 cents) to $36.00; and Liberty Media up 1% (60 cents) to $76.28 and per share.
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