Sinclair sinks amid boost
NEW YORK — Most major showbiz stocks were lifted Tuesday as investors snapped up stocks with alacrity, pushing the Dow Jones Industrial Average up a record 380.53 points, to 8020.78.
The rally, a jump of 4.98%, followed last week’s big selloff and was apparently in response to comments from Fed chairman Alan Greenspan suggesting that an interest rate cut is possible.
Still, while the rally cheered Wall Streeters, most observers expect a continuation of the turbulence of the past few weeks.
Leading showbiz stocks joined in the rally. Viacom rose $3.81 to $60.93, News Corp. jumped $1.43 to $25.18 and Time Warner closed up $3.43 to $86.75 while Walt Disney Co. inched up 81¢ to $29.06.
Among cablers, Tele-Communications rose $1.75 to $37.87 while Comcast put on $3.06 to $42.18.
Even smaller showbiz companies enjoyed the rally. AMC Entertainment added 18¢ to $12 while Metro-Goldwyn-Mayer rose 6¢ to $16 and Carmike Cinemas inched up 25¢ to $20.
Among broadcasters, Chancellor Media rose $1.87 to $33.75 and CBS added $1.81 to $27.87. Sinclair Broadcasting was one of the few stocks to go against the trend, dropping 31¢ to $18.12 in what was likely a response to Sinclair’s $310 million acquisition of Guy Gannett Communications.