Shares of telecommunications companies rose, but not by as much as the broad market, as investors rotated out of defensive areas and into more economically sensitive, cyclical stocks. A strong U.S. jobs report caused investors to rethink allocations that were based on the assumption of a slow-growth economy. Viacom shares declined after the entertainment conglomerate warned of weak sales of content to affiliate channels. Education publisher Pearson plans to cut around 3,000 jobs and would slash its dividend, as tough conditions in the industry are forcing it to reshape its business.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
August 04, 2017 16:37 ET (20:37 GMT)