NEW YORK (AP) - Big media companies led the stock market lower Thursday as investors fretted over fading revenue from cable television. Viacom and 21st Century Fox were among the hardest hit.
Major indexes headed higher in the first few minutes of trading before pulling a quick U-turn. The selling gained momentum until the afternoon, when the indexes recovered some of their losses.
Walt Disney and other media giants sank following signs more people are cancelling their cable TV. Viacom, the company behind Comedy Central and Nickelodeon, reported Thursday its sales and profit fell in the most recent quarter. 21st Century Fox, which owns MTV, also reported a drop in television revenue. Viacom's stock plunged 14 percent, and 21st Century Fox lost 6 percent.
The Standard & Poor's 500 index fell 16.28 points, or 0.8 percent, to 2,083.56, and the Nasdaq composite lost 83.50, or 1.6 percent, to 5,056.44. The Dow Jones industrial average lost 120.72, or 0.7 percent, to 17,419.75, the sixth day in a row the Dow has finished with a loss.