U.S. stocks plunged Friday, capping a week of carnage that sent the Dow into correction territory as fears about China’s economy and global growth spurred heavy selling. The main indexes posted massive one-day selloffs and their biggest weekly decline in nearly four years. The Dow plummeted 531 points to close at 16,460, the S&P fell 65 to settle at 1,971 and the Nasdaq fell 171 to 4,706.
More than $45 billion in market value was wiped out across seven media companies last week, as investors questioned the future health of the TV ecosystem. For decades, television was sacrosanct for advertisers on Madison Avenue, and considered the best way to reach millions of consumers simultaneously. But with younger viewers decamping for newer, cheaper and often ad-free digital platforms in droves, TV’s grip on advertisers is looking a lot looser.
U.S. oil futures on Friday settled below $41 a barrel for the first time since the Great Recession, to suffer an eighth straight weekly loss-the longest streak of weekly losses since 1986.
Listen in for much more in the Wall Street Wrap-up.
