Media stocks regained some ground in trading Thursday as the Dow Jones Industrial Average slowly recovers from Wednesday’s 800-point plunge.
Disney and AT&T were among the media giants that eked out slight gains early Thursday. CBS and Viacom, which announced a long-expected merger agreement on Tuesday, were still in the red on Thursday, closing the day down about 3%, compared to a drop for both of more than 8% on Wednesday. Comcast was essentially flat for the day.
Netflix, Discovery and Fox Corp. were also down in the 1%-3% range for the day.
The Dow opened in green territory, hovering at about 50-60 points above Wednesday’s close. Wednesday’s 3% drop, fueled by worries about the prospect of an expanding U.S. trade war with China, marked the Dow’s biggest one-day loss since October.
The Dow seesawed into the red around midday but finished the trading session up 99 points, or less than 1%.