The Dow Jones Industrial Average rose by more than 250 points on Wednesday, as investors were encouraged by favorable earnings reports from chip-maker Intel and Goldman Sachs Group. The resulting surge lifted most sectors and cable stocks went along for the ride.
The Dow Jones Industrial Average rose 257.86 points to 8,617.35 on Wednesday, a 3% gain. Leading the charge were Intel - which rose 7% to $18.03 per share after its adjusted results beat analysts' estimates. Fueled by strong earnings at Goldman Sachs Group, financial stocks also surged on Wednesday.
Cable shares rode the wave, with Time Warner Cable, up 3.6% ($1.08 per share) to $31.15 each and Mediacom Communications, up 5.9 % (25 cents per share) to $4.48 each, leading the way. Rounding out the operators sector was Comcast, up 54 cents (3.9%) to $14.10 each and Cablevision Systems, up 77 cents each (4.3%) to $18.69 per share.
On the satellite TV front, DirecTV Group rose 94 cents each (3.9%) to $24.73 and Dish Network gained 70 cents (4.7%) to $15.61 per share.
Programmer stocks also showed gains, led by Viacom, up $1.09 each (4.9%) to $23.43 each; Scripps Interactive Networks, up $1.12 (4%) to $29.14 each and The Walt Disney Co., up 97 cents (4.2%) to $24.08 per share. Rounding out the sector was News Corp;, up 39 cents (3.9%) to $10.42 each; Discovery Communications, up 65 cents (2.8%) to $23.57; Time Warner Inc., up 84 cents (3.4%) to $25.71; World Wrestling Entertainment, up 54 cents (4.2%) to $13.33; Outdoor Channel Holdings, up 40 cents (6.8%) to $6.32 and Crown Media Holdings, up 10 cents (6.6%) to $1.61 per share.