Fears that the global economic recovery is stalling pushed the Dow Jones industrial average below 12,000 yesterday for the first time since March and drove the stock market lower for the sixth straight week. Gannett and other newspaper stocks were hit especially hard.
The widely watched S&P 500 index, a broader measure of overall market activity than the better-known Dow Jones average, closed yesterday at 1271, down 1.4%. It has now fallen 6.8% from six weeks ago.
Closing prices yesterday, with their performance over the same six-week period:
The widely watched S&P 500 index, a broader measure of overall market activity than the better-known Dow Jones average, closed yesterday at 1271, down 1.4%. It has now fallen 6.8% from six weeks ago.
Closing prices yesterday, with their performance over the same six-week period:
- GCI: $13.39, down 11.1%
- Lee Enterprises: 95 cents, down 33.6%
- McClatchy: $2.34, down 18.2%
- New York Times Co.: 7.85, down 3.4%.
Wasington Post was down but only by 2.2%. Somebody doing something right in DC.
ReplyDeleteI didn't include Washington Post Co. because it's got one paper, and its fortunes are now determined by the Kaplan education subsidiary.
ReplyDeleteA excuse me....have you been watching the stock market spiral downward?
ReplyDeleteNot intending to be picky, but why not include Scripps and Media General too. Both are now exclusively newspaper-TV companies.
ReplyDelete3:41 Good point about Media General; I've never watched that company closely. Scripps is trickier, because it did a spin off several years ago, so I have to be careful doing comparisons. Still, worth a look.
ReplyDeleteDamned if I can figure out how the stock market works. We are an out-of-favor industry, that is clear.
ReplyDeleteThank God I sold when it was a lot higher. Does it make sense to even hold any shares the company throws into our 401k?
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