Wall Street cheers Capitol Hill movement – 7/19/11


Progress toward congressional agreement on a package to cut spending and raise the debt ceiling, avoiding an approaching default, was well received by investors. The Dow Jones Industrial Average rose 202 points, or 1.6%, to 12,587. Broadcasting stocks joined in the celebration.

The RBR Radio Index was up 4.830, or 1.4%, to 356.804.

The TVBR Television Index was up 7.156, or 2.9%, to 253.701.

Entercom, up 7%
Gray, up 5.7%
Sinclair, up 5.3%

Salem, down 2.7%
Radio One, down 2.4%
Beasley, down 2%