Fears over higher interest rates and continued political uncertainty forced the Dow Jones Industrial Average down more than 650 points Friday, capping its worst week in two years, and cable stocks were not spared in the carnage.
The Dow closed at 25,520.96 on Friday, down more than 665 points or about 2.5%. For the week, the Blue Chip index was down almost 1,100 points or about 4%. Talk of rising wages in the strong economy, which some interpreted as a sign of rising inflation to come, also helped fuel the sell-off.
Every sector in the market was affected – healthcare and tech stocks appeared to be hit the hardest, with losses in those sectors ranging from 48% to 20%. Cable’s fall wasn’t nearly as hard – the biggest drop was at CBS, which fell 6% ($3.53 each) to $55.40 per share. And that may have been more due to itsboard of directors announcing Thursdaythat it is revisiting a merger with former corporate sister Viacom than market jitters.
For more go to mulitchannel.com.
(Photo via FamZoo Staff's Flickr. Image taken on May 25, 2016 and used per Creative Commons 2.0 license. The photo was cropped to fit 16x9 aspect ratio.)
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