Economy

How major USA stock market indexes fared Monday

How major USA stock market indexes fared Monday”

US stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches. Financial and technology companies lead the way.

After ripping through the Caribbean, killing at least 40 people, Hurricane Irma left millions without power in Florida and felled plenty of trees and traffic lights.

Geopolitical tensions eased after North Korea did not mark its founding day on Saturday with another launch of a long-range missile, which the United States and its allies had been bracing for.

The Dow Jones Industrial Average finished trading up more than 250 points, or 1.19%, and soared above 22,000 for the first time since September 1.

The CBOE volatility index .VIX , a widely-followed measure of market anxiety, fell 1.33 points to 10.79.

The S&P 500 rose 1.08% to a new record at 2,488.11.

The S&P 500 financial index .SPSY jumped 1.64 percent, with JPMorgan up 1.83 percent and insurer Travelers TRV.N up 2.7 percent.

With investors less anxious about Irma's impact, insurers Universal Insurance Holdings and HCI Group surged more than 12 percent, while Heritage Insurance soared 21 percent.

The S&P 500 Index and the Dow both enjoyed their largest gains in six months, according to data from FactSet. Volume was lower compared with the same time Friday.

"Valuations don't bother me terribly", said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

"I think today is really a bit of relief rally coming on the weakness from last week that we some in reaction to the anticipation of the hurricane over the weekend", said Craig Fehr, a Canadian markets strategist at Edward Jones in St. Louis.

Apple gained 1.8 percent ahead of an expected launch of its new iPhone on Tuesday.

Tesla jumped 5.91 percent on news that China was studying when to ban the production and sale of cars using traditional fuels.

While that's the seventh straight day of gains for the loonie, Fehr said the dollar appears to be settling down after surging more than three cents USA over the past six sessions.



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