Media stocks drop more than the market as a whole
Stocks fell across the board Thursday in the worst day of trading since 2008. The drop was fueled by a global credit crisis and a weak U.S. economic recovery, with the expectation that Friday's jobs report will add to the worries. The Dow fell 4.3 percent, the S&P 500 fell 4.8 percent, and the Nasdaq fell 5.1 percent. Most media stocks took a larger hit than the market as a whole.
"Many stocks follow economic expectations up and down. A few, like hard metals, do better in a down market. But newspapers' fortunes vary up and down even more than the economy itself," says Poynter media business analyst Rick Edmonds.
|Newspaper Company Stock Prices August 4, 2011|
||% change from opening to close
|New York Times||-7.56%|
|Source: Yahoo Finance|