'Black Monday' In World Financial Markets Drags Radio Stocks Down With It
Tuesday Rally Peters Out
August 25, 2015 at 3:04 PM (PT)
It was a brutal day on WALL STREET for your investments YESTERDAY (8/24), as THE DOW JONES INDUSTRIAL average opened down over 1,000 points before recovering much of those losses. The market closed down nearly 600 points. THE NEW YORK TIMES reports, "That followed a stock market rout in CHINA -- immediately named 'Black MONDAY' by local commentators -- in which the main SHANGHAI stock index fell 8.5%."
The paper notes that after, "a three-day rout that erased nearly $3 trillion in value from stocks globally, markets on TUESDAY (8/25) showed signs that selling pressures were easing. Volatility continued to dominate early trading in ASIA, but many regional markets swung from losses to gains for the first time in days. Stocks in EUROPE opened higher, and trading in STANDARD & POOR’S 500 index futures suggested NEW YORK would also open the day with a strong surge of buying."
TODAY started positive by up to 300 points, but fell sharply in the afternoon. The STANDARD & POOR’S 500-stock index dropped about 1.35% and the DOW JONES industrial average fell more than 200 points, or almost 1.3%.
At closing, radio stocks were
- BEASLEY BROADCAST -61 cents to $4.24
- CBS -$ to $43.31
- CUMULUS +3 cents to $1.32
- EMMIS -12 cents to $1.12
- ENTERCOM -80 cents to $9.76
- ENTRAVISION -21 cents to $7.37
- RADIO ONE +4 cents to $2.56
- SAGA -8 cents to $36.42
- SALEM -28 cents to $5.76
- SIRIUSXM -13 cents to $3.59
- SPANISH BROADCASTING SYSTEM -3 cents to $5.40
- TOWNSQUARE -$1 cents to $10.53
Follow the ALL ACCESS Stock Index here everyday.