Media Stocks Rebound After Markets Shocked by Russia’s Attack on Ukraine
variety.comTodd Spangler NY Digital EditorFinancial markets seesawed Thursday in reaction to the Russian invasion of Ukraine, with media stocks mostly finishing the day in positive territory after a sharply lower open.The Dow Jones Industrial Average fell as much as 2.6% in early trading.
Markets turned higher in the afternoon after President Biden announced more severe U.S. sanctions against Russia for the military aggression against Ukraine.
The Dow ended the day up 0.28%, while the Nasdaq finished up 3.3%.Two of the biggest gainers on the day were Netflix, which closed up 6.1%, and Lionsgate, up 9.8%.
Also finishing higher after earlier drops were Disney (+2.4%); Paramount (+2.3%), formerly known as ViacomCBS; Comcast (+2.0%); and AMC Networks (+2.6%).
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