S&P 500 Index, Dow Jones Industrial Average surged to record highs on Monday.
U.S. stocks surged in Monday trade, with the S&P 500 and Dow Jones finishing in record territory after Hurricane Irma wreaked less damage than expected.
The large-cap S&P 500 Index (NYSEARCA:SPY) climbed 1.1% to 2,488.11, its first record close since early August.
All eleven of the S&P 500’s main sectors finished in positive territory, with financials and information technology shares leading the rally.
The Dow Jones Industrial Average (NYSEARCA:DIA) climbed 259.58 points, or 1.2%, en route to a new record high of 22,057.37.
The Nasdaq Composite Index (NYSEARCA:QQQ) came within a few points of record territory, climbing 1.1% to 6,432.27.
A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) fell more than 11.5% on Monday to settle at 10.73. The VIX climbed to multi-week highs earlier in last week’s trade.
Hurricane Irma hammered the Florida peninsula on Sunday, but caused much less damage than expected after Miami was spared the major flooding. Cleanup efforts are already under way.
Demand for riskier assets came at the expense of safe havens, such as gold and silver. Bullion futures fell 1.2% to $1,335.00 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures also fell 1.2% to $17.90 a troy ounce.
The Final Word: With the worst of Hurricane Irma out of the way, investors can shift their focus back to the markets. On Tuesday, Apple Inc. will hold one of its most anticipated product launches in recent memory, giving investors the latest glimpse of the newest iPhone.