Summary The Dow Jones Industrial Average fell 118.29 (0.67 percent) to 17,422.18.
NEW YORK (AFP) - A major sell-off in media equities following disappointing earnings reports from Viacom and 21st Century Fox pushed US stocks lower Thursday, with the biggest hit taken by the Nasdaq.
At the closing bell, the tech-rich Nasdaq Composite Index stood at 5,056.44, down 83.50 points (1.62 percent).
The Dow Jones Industrial Average fell 118.29 (0.67 percent) to 17,422.18, while the broad-based S&P 500 shed 16.03 (0.76 percent) at 2,083.81.
Viacom, which owns Nickelodeon and Comedy Central, plunged 13.3 as third-quarter revenues dropped 10.6 percent to $3.06 billion, below the $3.29 billion analyst estimate.
Fox fell 6.4 percent after reporting that earnings for the quarter ending June 30 sank 91 percent to $87 million.
The weak media results exacerbated worries that increased viewing on smartphones and other gadgets will hammer the cable business.
"The destruction in the media space the last two days has been very unnerving," said Michael James, managing director of equity trading at Wedbush Securities.
