Wall Street Stages Sharp Rally as Weaker Irma Shores Up Investor Optimism
13 September, 2017, 19:36 | Author: Jeff Stephens
Global stock markets rallied and the dollar strengthened Monday as investors breathed a sigh of relief that Hurricane Irma, which has caused so much devastation in the Caribbean and in Florida, was weakening and that North Korea refrained from any potentially antagonistic move during a weekend holiday. USA stocks were poised open at or near record highs, with Dow futures and the broader S&P 500 futures up 0.3 percent.
The Standard & Poor's 500 index made its biggest gain since late April as it rose 26.68 points, or 1.1 percent, to finish at a record high of 2,488.11.
USA crude futures traded up 0.61% to $47.77 by 6:47AM ET (10:47GMT), while Brent oil lost 0.35% to $53.59. While the damage is still being assessed, small insurers, especially ones that do a lot of business in Florida, climbed Monday as investors anticipate they won't have to pay out as much in claims as it looked like they would last week.
Shares of Florida insurers Heritage Insurance Holdings Inc HRTG.N, HCI Group Inc and Universal Insurance Holdings Inc all rose at least 13 percent or more.
The U.S. stocks rally was broad, with the ratio of S&P 500 shares that were rising relative to those that were falling at the highest in three months.
Meanwhile, Federal Reserve speakers are now in a blackout period before next week's policy meeting, so investors are likely to devote much of their attention to assessing the impact of natural disasters on US growth.
CURRENCIES: The euro was down 0.2 percent at $1.1930 while the dollar rose 0.4 percent to 109.83 yen.
And while a gridlocked federal government hasn't done much to stimulate the economy, Paulsen said the weakening dollar and falling interest rates could give USA businesses a big boost.
Bond prices sank. The yield on the 10-year Treasury note rose to 2.12 from 2.05 percent. Financial and technology companies lead the way. Apple, which will unveil its newest iPhone on Tuesday, rose $2.30, or 1.4 percent, to $160.93 and Facebook rose $2.35, or 1.4 percent, to $173.30. London added 0.5 percent.
In another sign investors were willing to take more risks, gold lost $15.50, or 1.1 percent, to $1,335.70 an ounce. US gold futures fell about 1.3 percent to settle at $1,335.70 an ounce.
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Wholesale gasoline lost 1 cent to $1.63 a gallon.
The kiwi traded at 89.97 Australian cents from 90.11 cents in NY and fell to 78.56 yen from 78.68 yen. Natural gas rose 6 cents to $2.95 per 1,000 cubic feet. Futures had risen to $1.54 a pound Friday from $1.30 at the end of August and slipped to $1.51 a pound on Monday. The euro slid to $1.1967 from $1.12028.
In Europe, Germany's DAX was up 0.6 percent at 12,550 while the CAC 40 in France was 0.7 percent higher at 5,213. The pound's rebound from its post-Brexit vote lows is potentially negative news, however, for British firms that have big business interests outside the U.K. And the money they make overseas will be worth less when it is brought back to the U.K. That helps explain why the FTSE 100 index of leading British firms, which is made up of main worldwide companies like BP and Burberry, was a laggard.
ASIA'S DAY: Japan's benchmark Nikkei 225 index jumped 1.4 percent to close at 19,545.77 as the yen came off recent highs against the dollar, easing pressure on exporters. Australia's S&P/ASX 200 was up 0.6 percent at 5,746.40, while South Korea's Kospi edged up 0.3 percent to 2,365.47.
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Manchester City pressed for a second and goalkeeper Ramon Ten Hove had to make several good saves to keep his side in it. EDERSON was pictured training with Manchester City in head gear today after his nasty collision with Sadio Mane.
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Hurricane preparation is an annual part of life in Florida, and buildings are generally well-built to deal with the winds. Another person died from carbon monoxide poisoning from improper use of a generator in Miami-Dade County, the mayor said.
In siding with the state, the high court made it more likely that Texas will use its current maps in the upcoming elections. In some instances, the court pointed out, they rejiggered lines to "to ensure Anglo control" of legislative districts.
Florida Light and Power has been called for several days to fix the issue, but crews have not yet been able to come to the home. Aerial footage showed patients sitting outside in wheelchairs and others being taken out of the facility on stretchers.
Hamill have also enjoyed knowing how millions of women are going insane over their husbands", the post continued, adding, "3". The police department has made a decision to release a calender later this year of all of their first responders.
About a third of Florida's population (about 6.5 million people) were ordered to evacuate their homes ahead of the storm. Another man, in his 50s, was killed just outside Atlanta when a tree fell on his house, Sandy Springs police Sgt.
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