If there was a soundtrack to how the U.S. financial market performed on Thursday, “Bulls on Parade” from Rage Against The Machine may be the suitable song to play.
Stocks soared across the trading day, on word that inflation — a big concern among investors, consumers and marketers — is finally starting to slow down. This has many thinking the Fed will engage in smaller rate hikes. And, that’s great news for the economy, leading many to buy media stocks.
As of 3:26pm Eastern, the Dow Jones Industrial Average was up 3.5% to 33,647.77. The Nasdaq was up 6.7% to 11,048.66 points.
Rebounds were the big story for the broadcast TV sector: The E.W. Scripps Co. was up 21.9% to $12.66; Sinclair Broadcast Group was up 6.6% to $18.63; and Gray Television was up by 9.1% to $10.12.
Radio industry publicly traded companies were also on the rise with roughly 30 minutes left in the day’s trading session. Up 10.1% to $7.28 was iHeartMedia, as Audacy Corp. was up 14%. This puts Audacy at $0.34, as the rise translates to a $0.0417 increase.
For today’s closing prices and for live in-session pricing across each trading day, be sure to see the Wall Street Report on the homepage of RBR.com. Set a bookmark today!
