Stock Market Nosedive Continues Without Federal Stimulus Deal

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The U.S. Senate late Sunday failed to convince Democrats to sign off on a federal stimulus package aimed at curbing steep losses for American business and individuals.


To little surprise, Wall Street continued to contract in Monday’s trading.

The Dow Jones Industrial Average shed another 3%, landing at 18,591.93.

Nasdaq was down more moderately, falling 18.84 points to 6,860.67.

How did media issues fare? Not great. Urban One, which shared during its Q4 earnings call Friday some of the coronavirus-fueled fallout it is presently experiencing, was off 34 cents to $1.18.

The E.W. Scripps Co. tumbled $1.12 per share, to $7.05, as TEGNA suffered an 8.3% downturn, to $11.77.

But, there was some growth: Sinclair Broadcast Group gained $1.36 to rebound to $15, while iHeartMedia improved by 2 cents, to $8.29.

That couldn’t remove the dark cloud hovering over some broadcast media companies’ stocks, namely that of Beasley Media Group. 

BBGI fell another 13 1/2 cents on Monday, putting the company’s shares at $1.3850.

That’s the lowest closing price seen since February 2009.

 

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