Media Stocks Rise Four Percent, Wild Celebration to Follow?

mediastock09.08.08.pngDespite the recent trend, all might not be lost for media stocks. On the heels of the Federal Reserve’s bailout of Fannie Mae and Freddy Mac, some — including Walt Disney Co., News Corp. and DreamWorks Animation SKG Inc. — jumped as much as four percent, Reuters reports.

Time Warner, Viacom and CBS all saw their stocks go up at least 1.8 percent.

The good news is tempered by the fact that the Dow Jones average rose 290 points, or 2.6 percent. In the current environment, however, any news that’s not bad should be welcomed.