Stocks closed lower, dragged down by sharp declines in momentum stocks after the Federal Reserve suggested valuations on biotech and Internet stocks may be stretched. The S&P recovered some of the losses, but closed 3.78 points, or 0.2%, lower at 1,973.32. The Dow ended the day 5.3 points higher at 17,060.75, after setting an intraday record in the morning. The Nasdaq dropped 24.03 points, or 0.5%, to 4,416.39.
The RBR Radio Index was down .457, or .1%, to 934.509.
The TVBR Television Index was down 9.175, or 1.0%, to 917.998.
SBS, up 6.0%
Saga, up 2.0%
LIN TV, up 1.2%
Emmis, down 2.8%
Gray, down 2.8%
Cumulus, down 2.1%