NEW YORK — After two days of record swings, Wall Street took a breath Wednesday and stabilized. The Dow Jones Industrial Average closed up just 8.25 points to 7506.67, effectively no change.
But it bounced around before arriving at that point, rising as much as 114 points and falling as much as 44 points. Traders said the market was likely to remain choppy in coming days.
Showbiz stocks mostly rallied
Entertainment stocks mostly rallied, as investors fled to financially solid companies. Time Warner rose 6¢ to $58.06, Walt Disney Co. rose 62¢ to $82.93, News Corp. inched up 12¢ to $18.43 and Viacom increased 62¢ to $30.06.
Tele-Communications Inc. rose 18¢ to $23.18 while Seagram Co. rose 43¢ to $34.31.
The market calm, which followed Monday’s 554-point fall and Tuesday’s 337-point rally, highlights investors’ continuing confidence in the stock market, Wall Streeters said.
Gregg Hymowitz, principal of Entrust Capital Inc. which manages money for Hollywood execs and producers, said “99% of the calls from clients” in the past couple of days have been positive.
Hymowitz said the clients’ usual message was “I’m sending you more money” for investing. He said Entrust’s advice to clients is to “keep a long-term focus and understand that markets are volatile on a day-to-day basis.”