Netflix led a rebound for media stocks in trading Tuesday as U.S. markets appeared to settle down after Monday’s panicky sell-off.
Netflix shares came out of the gate strong with as much as a 10% gain from Monday’s closing price of $96.88, but its gains soon shrank as the market’s gains were pared over the course of the day. Netflix shares near closing rose nearly 7% to about $103.59.
After plunging more than 1,000 points in early trading Monday, the Dow index opened Tuesday with a 325-plus point gain, or more than 2%. The Nasdaq also rebounded from Monday’s roller-coaster ride with a nearly 3% spike in early trading.
All of the major media stocks rode an upswing in the first three hours of trading, registering 1%-4% gains, led by Disney and Viacom. Facebook, Google and Apple also were hovering around 4%-6% gains after getting hammered Monday.
Toward the market’s close rose 1.45% to $598.18; Facebook rose 2.65% to $84.27; and Apple rose 2.7% to more than $105.Among traditional media companies, Walt Disney rose 1.94% to $97.36; CBS fell .30% to $43.82; Viacom rose 2.39% to 39.08; Time Warner rose .99% to $70.54; and 21st Century Fox rose 1.73% to $27.11.