Q4 began the same way Q3 ended – with stock prices dropping sharply. The latest news from Europe was that Greece will be unable to meet its deficit reduction goals, despite austerity measures. Bank stocks were particularly hard hit by the discouraging news, but nearly all sectors had a bad day. The Dow Jones Industrial Average fell 258 points, or 2.4%, to 10,655. Broadcasting stocks were down across the board.
The RBR Radio Index was down 18.468, or 7.3%, to 253.898.
The TVBR Television Index was down 13.306, or 7.3%, to 168.184.
SBS, down 21.7%
Westwood, down 18.2%
Gray, down 16%