It's being called "Black Monday" -- stocks plunged amidst a worldwide selloff influenced by deep losses on the Chinese stock market, a slowdown in the country's economy and the devaluation of its currency. The three major indices fell sharply and made up nearly all their losses before falling again in the afternoon. The Dow Jones Industrial Average fell as many as 1, points but ended the day down 3.
The Nasdaq, on which two music stocks trade -- only a small number of music-specific companies are publicly traded -- fell 3. Concert promoter Live Nation escaped relatively unscathed, dropping 1.
The other publicly traded music promoter, SFX Entertainment, fell 5. SFX shares have been pummeled in recent months as a takeover plan by chairman and CEO Robert Sillerman was proposed, accepted, delayed and abandoned.
BILLBOARD INVESTORS - INVESTMENTS AND SALES
SFX is down Radio stocks had deep declines. SiriusXM Radio dropped 3. Declines of these sizes aren't unheard of. But Monday was only the latest turbulent day.
Latest news about Billboard Top - Stock Market | FinancialContent Business Page
Many stocks also suffered deep losses on Friday. Most are in negative territory so far this year. Some companies that work within the music business have also taken a beating.
Stock Markets End The Day Battered, Music Companies Suffer Losses | Billboard
Madison Square Garden Entertainment fell 4. Apple fell just 1. Google and Amazon have been only slightly slowed by recent events.
In spite of its 3. What might happen after Monday's carnage?
Today's "Black Monday" was nothing close to the "Black Monday" on October 19, That day the Dow Jones Industrial Average fell But the market didn't slide into the abyss, instead rebounding and reaching pre-crash levels in early That's not to say U. The online extension of Billboard Magazine, billboard.
FACEBOOK TWITTER EMAIL ME PRINT COMMENTS. Magazine Customer Service Subscribe Buy this issue Billboard biz The online extension of Billboard Magazine, billboard.