Media Stocks Mixed Amid Writers Strike, Fed Interest Rate Hike
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variety.comTodd Spangler NY Digital Editor Shares of media companies stayed relatively tranquil Wednesday amid the work stoppage imposed by the WGA’s writers strike and another interest rate increase by the Federal Reserve.
WGA union members took the picket lines in L.A. and New York for a second day, as they called on studios and streaming companies to agree to new contract terms for Hollywood writers.
Meanwhile, the Fed on Wednesday raised its benchmark policy rate by 0.25%, to a new range of 5% to 5.25%, which is the highest it’s been since September 2007.
On the interest-rate hike, the Dow Jones Industrial Average turned negative and closed down 0.8% Wednesday, down 270.29 points to 33,414.24, while the Nasdaq ended the day down 0.46%.
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