The Fed nudged interest rates higher on Wednesday, signaling that any further increases this year will be gradual.
As a result, Wall Street celebrated as the Dow Jones Industrial Average gained 112.73 points, to 20,950.10. Nasdaq improved 43.23, to 5,900.05.
Media stocks seeing gains on Wednesday include Viacom, up 60 cents to $43.96, and Townsquare Media, which rose 44 cents to $12.47 for a 3.7% gain on the day.
The day’s biggest percentage gainer, by far, was iHeartMedia. Investors reacted highly positively to a bondholder deal that would separate iHeart from CC Outdoor Holdings by sending shares up a staggering 24.4%, to $1.43.
Meanwhile, Cumulus Media saw a much-needed climb, with a 17.2% jump in share value — to 58.4 cents.