Investors regained some confidence in the economy after the previous day’s sell-off and sent stocks higher on Wednesday, led by financial sector issues. Also, Alcoa reported better-than-expected earnings to jump-start the new string of earning reports. The Dow Jones Industrial Average rose 89 points, or 0.7%, to 12,805. Broadcasting stocks were mostly higher. However, the big drop by ACME followed its payout of a special dividend to shareholders.
The RBR Radio Index was up 11.636, or 3.1%, to 382.107.
The TVBR Television Index was down 7.441, or 3%, to 239.177.
SBS, up 9.7%
CC Media, up 8.5%
Radio One, up 6%
ACME, down 10.4%
Salem, down 1%
LIN, down 1.1%