Wall Street surged after a report on U.S. inflation sent waves of relief through markets.
The S&P 500 jumped 1.9% to a two-month high Tuesday, one of its best days of the year.
The Dow rallied 489 points, and the Nasdaq composite soared 2.4%.
The highly anticipated report showed inflation slowed last month, bolstering bets among traders that the Federal Reserve is finally done with its market-crunching hikes to interest rates.
Technology and other high-growth stocks led the way higher. Stocks of smaller companies also got a particularly big boost on hopes that financial conditions won’t tighten further. Treasury yields tumbled.
ESPN Bet nears launch
ESPN Bet, a rebranded sports-gambling app owned by Penn Entertainment, is set to launch.
Penn signed a $1.5 billion deal with ESPN for rights to the sports media giant’s name in August. Under the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms.
It’s unclear when ESPN Bet will officially be available to download. A Penn spokesperson said the app is planned to launch as soon as Tuesday, but did not provide a specific time.
ESPN Bet is set to go live in 17 states — Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia.
ESPN Bet is a rebranding of an existing sports-betting app, the online Barstool Sportsbook. Also in August, Penn said it sold Barstool Sports back to its founder Dave Portnoy.
Under August’s agreement, Penn’s rights to the ESPN brand will initially run for a decade with the option of extension for another 10 years.