Disney weighs on Dow Jones - New York Report

The S&P 500 and Nasdaq Composite rose yesterday following three days of losses as tech shares advanced, while the blue chip Dow index ticked lower, weighed by Disney’s largest daily drop in almost seven years.

The Dow Jones industrial average fell 10.22 points, or 0.06 per cent, to 17,540.47; the S&P 500 gained 6.52 points, or 0.31 per cent, to 2,099.84; and the Nasdaq Composite added 34.40 points, or 0.67 per cent, to 5,139.95.

Disney’s shares fell to $110.53, a 9.2 per cent drop, after it cut its profit forecast for its cable networks unit, spooking the entire industry.

Shares of Comcast fell 4.7 per cent, Discovery Communications lost 12.1 per cent and Twenty-First Century Fox fell seven per cent.

However, iPad maker Apple added 0.7 per cent to $115.40, up for just the second session in the last 12.

Related articles