DKNG - Tilman Fertitta's Stock Market Bet Is Paying Off -- for SPAC Investors
The stock market gained ground Tuesday morning, closing the first half of 2020 on a positive note. Although plenty of uncertainty remains, investors have adopted a generally upbeat tone, expecting further efforts to help stimulate the economy and keep stocks moving higher. Just after 11 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 49 points to 25,645. The S&P 500 (SNPINDEX: ^GSPC) gained 22 points to 3,075, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 108 points to 9,982.
Special purpose acquisition companies (SPACs) have been all the rage on Wall Street lately, with many privately held businesses turning to SPACs to help give them access to public stock markets without going through the lengthy traditional IPO process. Late Monday, billionaire business personality Tilman Fertitta announced a deal that will bring an up-and-coming business in the online gambling industry to ordinary investors. Those who anticipated such a deal, without knowing exactly what it would look like, are reaping the rewards.
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