Dow industrials rally 260 points, retake 22,000 level, as worries over Hurricane Irma, North Korea abate
U.S. stock-index benchmarks closed sharply higher on Monday, as Hurricane Irma hit Florida with less force than expected and North Korea failed to conduct another nuclear missile test over the weekend, helping to lure investors into buying assets perceived as risky like equities. The Dow Jones Industrial Average closed about 259.58 points, or 1.2%, higher at 22,057.37, while the S&P 500 index climbed 1.1% at 2,488.11, marking a fresh record for the broad-market gauge. The Nasdaq Composite Index rallied 1.1% at 6,432.26, and ended within range of its all-time closing high. A re-emergence of risky assets also helped to drive up yields in Treasury bonds, with the 10-year Treasury note hitting 2.13% Monday afternoon, compared with 2.05% late Friday. Bond prices and yields move inversely. Gold futures also sold off. In corporate news, investors awaited the debut of Apple Inc.'s new iPhone 8 on Tuesday. Elsewhere, shares of Teva Pharmaceutical Industries Ltd. finished 17% higher, after the Israeli drug company on Monday named Lundbeck's Kare Schultz as its new chief executive. Wall Street marked the anniversary of 9/11.