U.S. financial markets soared in a major way on Monday, as coronavirus-fueled losses seen last week brought out the bargain hunters.
The result: a 5.1% gain in the Dow Jones Industrial Average, while the S&P500 improved by 4.6% and Nasdaq was up by 4.5%. How did radio and TV businesses fare?
ViacomCBS dipped by 30 cents, to $24.31, while Cumulus Media declined by 7 cents to $11.98 — a 52-week low and its lowest point since December 2018.
Also down: Gray Television, off 92 cents to $18 and The E.W. Scripps Co., off 36 cents to $11.54.
Meanwhile, Townsquare Media is in a slump after breaking the $10 mark, and on Monday shed 82 cents to finish at $8.09. This puts TSQ back to where it was on Nov. 25, 2019.
Media companies that rose on Monday include TEGNA, which improved by 71 cents to $15.03.
Also up: Sinclair Broadcast Group, rising 33 cents to $23.54.
The big winner: Fox, rising $1.37 to $32.11.