Rocky Day on Wall Street

Dow Finishes Down 588 points After 1,000-point Decline

After a rocky day that began with the single largest intraday decline in its history, the Dow Jones Industrial Average finished Monday down 588 points and cable stocks, some down as much as 10% earlier in the period, tempered those losses as the day waned. 

The Dow fell 1,000 points in its first six minutes on Monday, but quickly gained back  much of that ground as mutual funds snapped up what they saw as bargains. That sentiment, which ran at least through the first half of the day helped the Index gain back most of its losses – it was down about 250 points at mid-day. But sentiment shifted again and the market took another dive – losing more than 600 points as it moved toward it close of 15,871.28, a drop of 588.47 points and its lowest level in 18 months.

Cable stocks, on a wild ride already over the past several weeks, again roiled as investors drove down some shares as much as 10% during the day. When the smoke cleared, stocks were down, but not by as much as they were earlier, which could offer some comfort.

Cable stocks, some down nearly 10% early in the day, managed to keep their losses to between 1.8% and 4.2%. Comcast had the biggest percentage loss, closing down 4.2%, while Cablevision fell 3.9%, Charter dipped 3.4% and Time Warner Cable was down 1.8%. Cable One dropped about 1.9% for the day.

Programmers also managed to whether early storms --  Disney was down about 7% earlier in the day and OTT pioneer Netflix opened down 15%, but both managed to cut those losses substantially, with Disney finishing down 3% and Netflix down 6.8%. Other stocks managed to keep their declines in the 1.7% to 4.5% range, with CBS finishing down 1.7% after flirting with a small gain at mid-day and 21 st Century Fox down 4.6%. Viacom, which has been pummeled on poor advertising and ratings metrcs in the past, finished down 4.3%, and Discovery Communications and Scripps Networks each finished down 3.9%. Rounding out the sector, Time Warner Inc. was down 3.4% and AMC Networks fell 3.1%.