Tech leads Wall Street rally
NEW YORK — Stocks rallied on Wall Street Wednesday, sending the S&P 500 index up 2.2%, as investors embraced the upside of more gridlock in Washington. Technology stocks, which have proved impervious to the damage inflicted on other industries by the Coronavirus pandemic, led the way higher. The tech-heavy Nasdaq index rose 3.9%. With Republicans edging closer to retaining control of the Senate, prospects dimmed for the tax increases and tighter regulations on businesses that investors expected if Democrats scored an electoral sweep. However, a big stimulus effort for the economy that some on Wall Street say is needed now also seems unlikely.
Gambling expansion wins big at polls
ATLANTIC CITY, N.J. — The US gambling industry has won big at the polls as three states authorized legal sports betting and three others either approved or expanded casino gambling. Maryland, South Dakota and Louisiana approved sports betting. That means that more than half the country could have legal sports betting by the end of the year. Virginia approved casino gambling in four locations. Nebraska authorized adding casino games at its horse racing tracks. Colorado expanded the number and type of casino games it can offer. It also eliminated some wagering limits.
By the end of 2021, at least 25 states and the District of Columbia could have legal sports betting in place.
Luxury vehicles, booming sales in China boost BMW profits
FRANKFURT, Germany — German automaker BMW says third-quarter net profit rose 17% to $2.22 billion as sales boomed in China and highly profitable luxury models helped fatten the bottom line. The profit figure improved on the 1.55 billion euros recorded in the same quarter a year earlier. Revenues fell 1.4% to 26.67 billion euros. The company said Wednesday that a decision to focus on expensive luxury models is paying off and producing the profits the company will need to fund new technology such as electric cars.