Why These Media Stocks Jumped on Friday
Few stocks were spared in a brutal sell-off this week. Fortunately, however, few stocks also missed out on Friday's massive one-day gain.
The S&P 500 surged 9.2% -- the market's biggest one-day gain since October 2008. The market's rebound was fueled by many sectors, as investors seemed encouraged by President Donald Trump's plan for the U.S. to take more concerted action to suppress the coronavirus outbreak. Much of the index's gain occurred following his address to the nation, in which he declared the coronavirus a national emergency and laid out some plans to mitigate the spread of the virus.
Media stocks were among the sectors that rebounded sharply on Friday. Movie studio business Lions Gate Entertainment (NYSE: LGF.A) (NYSE: LGF.B), cable network AMC Networks (NASDAQ: AMCX), and streaming TV giant Netflix (NASDAQ: NFLX) were some notable media stocks that saw their stocks jump.
Source Fool.com
