UPDATED, 4:30 p.m. ET: Shares of major media and tech companies fell Wednesday, as Dow Jones index dropped steeply in midday trading before recovering some ground.
Netflix and CBS were among the stocks dropping more than 5% on another volatile day for the market as investors seemed spooked by falling oil prices and other mixed economic news from the latest Consumer Price Index survey and housing-starts data. Netflix, which posted solid Q4 results Tuesday, regained footing to close at $107.74 per share (down 0.14%) while CBS closed down 3%.
Also seeing sell-offs were Yahoo (which closed down 3.3%), Facebook (-1%), Amazon (-0.5%) and Google (-0.5%), which climbed back from earlier drops. Twitter shares fell to a new low of $15.48 before spiking 14% on rumors News Corp was interested in investing in or acquiring the company — then declining after News Corp denied the rumors to close at $17.38.
Stocks of other media companies were hovering around 2%-5% declines at midday, before mitigating some of their losses in afternoon trading. Closing down for the day were 21st Century Fox (-3.1%), Viacom (-1.8%), Disney (-1.5%), Time Warner (-1.3%), Discovery Communications (-1%) and AMC Networks (-0.9%). Comcast closed flat at $58 per share.
The Dow closed down 249 points, or 1.6%, to 15,767. The index slumped at the start of trading Wednesday and then headed sharply lower. It was down by more than 560 points, or 3.5%, before starting to recover some of the losses in the noon hour.
The S&P 500 sank 1.2%, or 22 points, for the day after falling more than 3% earlier. The Nasdaq dropped nearly 3% or more than 120 points before closing down 0.1%.
The market turmoil comes after a rough day last Friday for investors, when the Dow shed 2.4% of its value.