Sector Snap: Radio stocks mixed as market dives

The Dow Jones Industrial Average fell more than 750 points as investors feared that the bill's failure will force the country into a worsening credit and economic credit crisis.

In the middle of this credit crunch is Sirius XM Radio Inc. The New York-based satellite radio company needs to refinance about $1.05 billion of debt coming due in 2009.

Investors expressed their concerns by selling off Sirius shares by 14 cents, or 18.4 percent, to 62 cents, a new year low.

Cox Radio Inc., a radio station operator owned by privately held Cox Enterprises Inc., fell 17 cents to close at $10.53. Cox Radio operates 86 stations in 19 markets.

However, Atlanta-based Cumulus Media Inc. rose 24 cents, or 5.9 percent, to end at $4.29. The company owns or operates 340 radio stations in 66 markets.