Stock indexes savor fattening Tuesday
Plus-sized gains dent damage from rout in previous week
NEW YORK — U.S. stocks rocketed to their biggest gain in six months Tuesday following strong earnings from major financial and health care companies as well as encouraging reports on the economy.
The Dow Jones Industrial Average jumped more than 500 points.
Morgan Stanley, Goldman Sachs and Unitedhealth led a parade of companies that reported profits for the third quarter that surpassed analysts’ expectations. Technology companies also jumped after taking steep losses during the market’s rout last week.
The S&P 500 index jumped 59.13 points, or
2.1 percent, its largest gain since March 26, and finished at 2,809.92. Stocks have bounced around over the past three days, and the S&P 500 is down 4.1 from its record high on Sept. 20. The Dow gained 547.87 points, or 2.2 percent, to 25,798.42.
The Nasdaq composite climbed 214.75 points, or 2.9 percent, to 7,645.49 as technology companies reversed some of their outsized losses from the past few days. The Russell 2000 index of smaller-company stocks had its biggest rally in almost two years as it surged 43.74 points, or 2.8 percent, to 1,596.84.
Even with the big gains, major indexes are still broadly lower for the month following a two-day rout last week that erased nearly 1,400 points from the Dow. Investors were encour
MARKETS
Removing a requirement that a player registering for an interactive gaming account submit a Social Security number; instead a player would be required to provide just the last four digits of the number.
Adding a requirement that sportsbooks honor winning betting tickets for a year after the conclusion of an event instead of 30 days. Many sportsbooks have policies enabling payment beyond the 30-day minimum requirement.
Remote registration
Representatives of MGM Resorts International, Caesars Entertainment Inc. and Wynn Resorts Ltd. also asked regulators to draft rules allowing players to register for gaming accounts without being physically present at the casino, a practice allowed under New Jersey’s new legal sports-betting rules.
Industry leaders in New Jersey said revenue generated in September by betting sports remotely surpassed bets placed in casinos.
Control Board Chairwoman
Becky Harris said she is interested in considering the proposal for remote account registration. She added that any recommendation from the board would require a majority board vote before it could be forwarded to the Nevada Gaming Commission for consideration.
The proposed amendments also clarify other types of bets sports-
books are allowed to take. Regulations would enable the Control Board chair to authorize wagering on events after an applicant provides a full description of the event, how it would be supervised and whether integrity measures are in place.
Betting on the Oscars
Scott Nielson, representing the Nevada Resort Association, encouraged the board to consider establishing a list of events that could regularly be considered for wagers, such as the outcome of entertainment awards shows, just as bets on the winners of post-season sports honors are already allowed.
“Things like MVP awards, the draft, draft position, the Heisman trophy, for example, those are some things that are on that list currently,” Nielson said.
“But the process for determining how that contest or other events are conducted and awarded is wellknown and fairly well recognized, so the board would be comfortable creating a second list and that would be things like the Academy Awards, Emmys, Grammys, those types of things that we think might provide an interesting wager for some people,” he said.
One item that would continue to be banned from betting: election outcomes.
The proposed amendment continues to prohibit “the outcome of any election for any public office both within and without the state of Nevada.”
Harris said the board would evaluate
the testimony provided in the hearing and may modify the amendments for reconsideration within a few weeks.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @Rickvelotta on Twitter.