No one knew what the downgrade of US sovereign debt by Standard & Poor’s would mean to stock prices, since it had never happened before. Now we know that it sent stock prices plunging in a rout as bad as any ever witnessed. The Dow Jones Industrial Average plunged back below the 11K mark – down 635 points, or 5.6%, to 10,810. Not a single stock in the RBR-TVBR daily stock lists of radio and TV companies had an up day, but that was the case across many sectors as stocks fell across the board.
The RBR Radio Index was down 31.480, or 10.3%, to 273.028.
The TVBR Television Index was down 18.698, or 8.5%, to 201.208.
SBS, down 24.5%
CC Media, down 21.9%
Gray, down 16.6%