The stock market closed another wild trading week, with the Dow Jones Industrial finishing up 330 points after a rollercoaster ride where the difference between its intraday high and low was more than 1,000 points.
Media stocks showed gains, but like the rest of the market still have a long way to go to make up past losses.
The Dow closed at 24,190, up 330 points and coming after a loss of more than 1,000 points on Thursday. Fears over possible coming inflation and higher interest rates added to the volatility, which isn’t expected to calm down soon. With Thursday’s declines the market officially entered correction territory, having dropped 10% since its last high on Jan. 26. For the week, the Dow was down 5.2%, its biggest drop since January 2016. Other indices like the S&P 500 (up 1.5% Friday) and the NASDAQ Composite (up 1.4% on Friday) were down 5.2% and 5.1%, respectively, for the week.
When the dust cleared about 16 of the 25 stocks in the media sector showed gains, led by 21st Century Fox (up 3.4% to $$35.73), Altice USA (up 2.8% to $19.21), MSG Networks (up 2.1% to $23.20) and The Walt Disney Co. (up 1.7% to $103.09). Google led tech stocks, up 3.6% to $1,037.78 each, followed by Facebook (up 2.6% to $176.11) and Apple (up 1.2% to $156.41).
Lionsgate, which reported earnings after the close on Thursday, fell 12.3% to $26.81 per share, mainly because the company lowered its three-year guidance, saying plans to restructure its film slate will pressure growth.