Downgrade fears downgrade stock prices – 1/13/12


Reports that Standard & Poor’s was set to downgrade the sovereign debt of several European countries put a dark cloud over Wall Street on Friday. Indeed those downgrades were announced after the market closed. The Dow Jones Industrial Average dropped 49 points, or 0.4%, to 12,422. Broadcasting stocks, however, were mixed.

US stock markets will be closed Monday (1/16) in observance of Martin Luther King Jr. Day.

The RBR Radio Index was up 3.414, or 1.1%, to 329.748.

The TVBR Television Index was down 1.468, or 0.6%, to 238.418.

CC Media, up 14.1%
Entercom, up 3.1%
Entravision, up 2.2%

Gray, down 4.4%
Emmis, down 2.8%
Saga, down 2.3%