Media shares rode the rising tide of equities markets on Thursday as the Dow and other key indices soared despite the uncertainty over the outcome of the presidential election.
The Dow Jones Industrial Average was up more than 600 points in the first hour of trading, or a 2% spike. The Nasdaq gained more than 250 points while the S&P 500 climbed more than 70 points. Among media stocks, the big gainers of the morning included Nexstar, which reported solid third-quarter earnings before the market opened that assuaged investor fears about the possible collapse of local TV advertising revenue amid the coronavirus pandemic. Nexstar shares were up more than 7% in the first hour of trading to around $87.15.
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