Continued queasiness over the potential for higher inflation rates continued to pound the stock market Monday, with the Dow Jones Industrial Average shedding more than 1,100 points – it’s largest single day decline ever – as investors headed for the exits. Cable stocks, which fell hard in last week’s sell-off when the Dow lost about 1,100 points over five days of trading, continued to falter.
The Dow closed at 24,345.75, down 1,175.21 points or about 4.6%. Other indices had similar declines -- the S&P 500 fell 113.19 points (4.1%) to 2,648.94 while the NASDAQ 100 closed at 6,495.92, down 264.37 points (3.9%).
Every stock in the sector posted losses on Monday, ranging from a 1.1% ($7.98 per share) decline for Cable One to a 4.8% ($1.83 per share) dip for Liberty Global.
The declines swept across business lines, with programmers, distributors and tech giants all posting losses. Google closed at $1,054.66 per share on Monday, down 5.2% ($57.24 each), while Amazon fell 2.8% to $1,390 each, Netflix was down 4.9% to $254.27, Apple fell 2.5% to $156.49 and Facebook was off 4.7% to $181.61 per share.
On the distribution side, Comcast was down 4.7% to $36.66, Dish fell 4.4% to $44,72 each, Charter was down 3.9% to $372.50, AT&T dipped 3.8% to $36.63 and Verizon was down 4.1% to $50.50 each.
Programmers also had a rough Monday, with Discovery Communications down 4.3% to $22.78 per share, AMC Networks down 4.2% to $48.92 per share; Viacom down 3.4% to $31.14; and The Walt Disney Co. down 3.7% to $104.70 per share.