During a chaotic week for stock markets around the world, shares in Universal Music Group (UMG) rose 3.3 percent to 22.15 euros (24.20 dollars), making the Amsterdam-listed company the best-performing music stock of the week.

Stock prices fell sharply on Monday (August 5) as markets reacted to a disappointing US jobs report on Friday (August 2), which led to growing concerns that the economy could enter a recession. Billboard Global Music Index fell 2.0% on Monday, although the decline was smaller than the Nasdaq (down 3.4%) and the S&P 500 (down 3.0%). However, investors did not panic and markets posted gains for the rest of the week. On Friday (August 9), the Nasdaq closed the week down 0.2%, while the S&P 500 posted a flat result.

UMG got a boost from Warner Music Group’s quarterly earnings report on Wednesday (Aug. 7) — a welcome change after a slowdown in UMG’s second-quarter streaming growth so worried investors that the company’s shares fell 24% the following day. WMG’s recent results, which showed recorded music streaming revenues rose 8.7% after some adjustments, may have convinced some UMG investors that they had overreacted. In light of this new information, UMG shares rose 6.6% to 22.74 euros ($24.85) on Wednesday. Notably, this Friday’s closing price is 14% above the lowest close – 21.12 euros ($23.08) – since the 24% drop on July 25.

WMG shares rose 0.3% to $28.34 this week after the company said quarterly revenue fell 1% and net income rose 14%. The third-largest conglomerate’s streaming gains satisfied some, but not all, analysts. Analysts at Morgan Stanley cited “diminished streaming growth prospects” as the reason for lowering their price target from $41 to $35. Guggenheim, encouraged by WMG’s accelerating subscription revenue growth and performance relative to UMG, maintained its price target of $44. JP Morgan, which sees WMG as “well positioned” to achieve paid streaming adoption, left its price target unchanged at $41.

The Billboard Global Music Index, a stock-market-adjusted index of 20 companies’ market capitalization, rose 3.1 percent, ending a streak of four consecutive weeks of losses. Spotify, the index’s largest component, gained 2.6 percent to $339.69. Tencent Music Entertainment, which will report results on Tuesday (Aug. 13), rose 2.8 percent to $12.97.

In the UK, the FTSE 100 fell 3.6% to 8,168.10. South Korea’s KOSPI Composite Index fell 3.3% to 2,588.43. China’s Shanghai Composite Index fell 1.5% to 2,862.19.

Shares of iHeartMedia fell 10.7% to $1.33 after the company released its second-quarter results on Thursday (Aug. 8). The company reported a 1% increase in second-quarter revenue and expressed optimism that political advertising will boost full-year results. Both third-quarter and full-year revenue are expected to increase by a mid-single-digit percentage.

Shares of radio broadcaster Townsquare Media fell 5.8 percent after reporting second-quarter results on Tuesday. Revenue fell 2.5 percent and net loss widened to $48.9 million from $2.7 million in the year-ago period. Earnings per share of $0.14 were below the Zacks Consensus Estimate of $0.42.