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Market Claws Into Positive Territory; Media Stocks Rebound Slightly

CBS, decimated on Monday, was up nearly 15%, and Disney was up more than 5%

The stock market clawed its way into positive territory Tuesday, and media stocks, like many others, saw gains.

CBS, decimated over the past few days, was up nearly 15 percent. Time Warner was up 2 percent. Disney was up more than 5 percent. Comcast was up 1.35 percent. Of course, they’re all still well below where they were just a week ago.

Also read: Hollywood Braces for a Credit Crunch After Market's Second Plunge

Not that all companies benefitted in the slight recovery. AOL tumbled 25.75 percent, closing at an all-time low of 11.19. But its problems were tied to the company's quarterly earnings report, announced before the market opened.

AOL reduced its losses over last quarter and posted its first gain in advertising revenues since 2008, but failed to impress investors.

Also read: AOL Stock Hits All-Time Low After Earnings

Tuesday’s rally – such as it was – came after a horrible Monday in which the Dow fell 634.76 points.

But by end of trading Tuesday, the Dow Jones Industrial Average was up 429.62, or 3.97 percent, closing at 11,239.47. Until Monday, the Dow hadn’t closed below 11,000 since November.

Other indexes were up, as well: the Nasdaq closed up 124.83, or 5.29 percent. The Standard & Poors 500 closed up 53.07, or 4.74 percent. And the FTSE 100 closed up 95.97, or 1.89 percent. The Nikkei closed down 153.08, or 1.68 percent.

During the trading day, the Federal Reserve issued its highly anticipated statement saying that it will keep short-term interest rates near zero through the middle of 2013.

In a written statement, the Fed said that it “now expects a somewhat slower pace of recovery over the coming quarters. The unemployment rate will decline only gradually.”