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 | |||
| Company | % change from opening to close | ||
| A.H. Belo | -3.48% | ||
| Gannett | -5.59% | ||
| Journal Communications | -5.94% | ||
| Lee Enterprises | -15.96% | ||
| McClatchy | -9.66% | ||
| Media General | -2.93% | ||
| New York Times | -7.56% | ||
| E.W. Scripps | -5.62% | ||
| Washington Post | -6.21% | ||
| Source: Yahoo Finance | |||
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