S&P 500 surges toward record high as fear fades (Update 1)

12 September, 2017, 00:21 | Author: Elaine Woods
  • People walk past an electronic board showing Hong Kong share index outside a local bank in Hong Kong. – AP

The Dow Jones Industrial Average was on track to close above 22000 for the first time in almost a month, as investors' fears eased about North Korea and Hurricane Irma.

USA stocks are jumping Monday, following global markets higher, after Hurricane Irma weakened without causing as much damage as many had feared.

At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average.DJI was up 172.84 points, or 0.79 percent, at 21,970.63 and the S&P 500.SPX was up 17.64 points, or 0.72 percent, at 2,479.07. The Nasdaq Composite Index rallied 1.1% at 6,432, was within range of its all-time closing high.

US crude was trading 36 cents firmer at 47.84 dollars a barrel, while Brent rose 22 cents to 56.00 dollars. Small insurers, especially ones that do a lot of business in Florida, climbed. Eight of the index's 10 main groups advanced. Travelers (TRV.N) jumped about 3.5 percent, leading the Dow higher.

The financial sector.SPSY was up 1.69 percent.

The pound meanwhile steadied Monday awaiting British MPs first vote on a bill to end Britain s membership of the EU.

The stats had limited impact on risk appetite ahead of the European session however, with the U.S Dollar managing to find some much needed support and with Asian equities making solid gains, the Nikkei up 1.41% off the back of a weaker Yen, as the markets responded to the limited noise out of North Korea over the weekend, and in particular North Korea's decision to celebrate its Founding Day rather than mar it with another intercontinental ballistic missile test that would have undoubtedly raised tensions further. The index had reached a more than 2-1/2-year low of 91.011 on Friday as investors anxious about the short-term impact of Hurricane Irma on the USA economy and were concerned about heightening tensions between North Korea and the United States.

Gold, another traditional haven for money managers, fell 1.1%. Those companies tend to do better when bond yields are falling, as investors see them as an alternative to bonds due to their large dividend payments.

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Carnival, a cruise line company, also saw its shares advance 2.2%. Apple (AAPL.O) rose almost 2 percent a day ahead of the launch of the new iPhone, providing the biggest boost to the Nasdaq and S&P.

The two-year swap rate rose 2 basis points to 2.15 percent while the 10-year swaps rose 3 basis points to 3.05 percent.

The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma.

CURRENCIES: The dollar rose to 109.84 yen from 107.79 yen late Friday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.28 percent to 834.50 tonnes on Friday from 836.87 tonnes on Thursday.

OVERSEAS: Germany's DAX gained 1.3 percent and the French CAC 40 rose 1.2 percent.

The blue chip FTSE 100 index was up 0.6 percent at 7,413.59 points, while mid caps gained 0.4 percent.

The technology sector.SPLRCT jumped 1.46 percent.

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