US Dollar Bid and Safe Haven Currencies Offered

Pedestrians beside a stock quotation board flashing at the Tokyo Stock Exchange. Toru Yamanaka  AFP

The S&P 500 .SPX gained 1.04 percent to 2,487.1 points, while the Nasdaq Composite .IXIC added 1.11 percent to 6,430.77.

Investors were relieved as Irma, which is still deluging Florida and Georgia, didn't appear to be as bad as it did in projections last week.

All 11 major S&P 500 sectors rose, led by financial stocks, with insurers advancing as Irma, once ranked as one of the most powerful hurricane recorded in the Atlantic, lost power.

US stocks rose to a record, the dollar strengthened and Treasuries tumbled as investors piled into riskier assets after Hurricane Irma wreaked less damage than forecast and North Korea failed to exacerbate tensions. "It does appear that the worst-case scenario for Florida has been evaded", said Peter Cardillo, chief market economist at First Standard Financial in NY.

"We've seen a huge surge in the loonie over the last couple of months", said Fehr, who attributed the upward movement to the Bank of Canada hiking interest rates twice in two months and USA data suggesting the Federal Reserve may not be quite as aggressive with upcoming rate hikes and winding down its balance sheet. By one estimate, damages will total $49 billion instead of an earlier prediction of $200 billion. While heavy flooding swamped many cities, including Miami, and millions were left without power, the state's largest city was spared the brunt of the storm.

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.

In New York, the Dow Jones industrial average soared 259.58 points to 22,057.37.


The pan-European FTSEurofirst 300 index rose 0.98 percent and MSCI's gauge of global stocks gained 0.74 percent.

The dollar index .DXY , which tracks the greenback against a basket of six major currencies, was up 0.66 percent at 91.955.

The euro was lower, with EUR/USD sliding 0.32% to 1.1997, after rising as high as 1.2092 on Friday, the most since January 2015.

The S&P 500 financial index.SPSY jumped 1.74 percent, with JPMorgan (JPM.N) up 2.18 percent and insurer Travelers (TRV.N) up 2.34 percent.

- Russia's ruble posted the biggest advance in emerging markets, climbing 0.3 percent.

Germany's benchmark 10-year bond yield pulled further away from recent 2-1/2 month lows and yields on benchmark U.S. Treasury debt rose from 10-month lows.

German Bunds DE10YT=RR last fell 2 basis points in price to yield 0.336 percent.

Spot gold XAU= dropped 1.4 percent to $1,327.40 an ounce.

Related:

Comments

Latest news

UB edges up in annual US News college rankings
The university saw a slight increase in its peer assessment score, which ticked up a tenth of a percent to 3.2 percent this year. News & World Report "Best Colleges" rankings , released Tuesday, Sept. 12, place the UI in a tie with Miami University of Ohio.

Gillibrand joins train of Dem 2020 hopefuls backing Medicare-for-all
Democratic activists believe the GOP's failed attempt to repeal Obamacare has strengthened the resolve of the nation's leftists. Sanders has always been a champion of single-payer healthcare, and it was a central tenet of his 2016 presidential campaign .

Gas prices drop in Meadville area
Since last month, the Albany average has risen 64.6 cents, and motorists were paying 75.5 cents more per gallon than a year ago . Gas prices usually begin to go down around Labor Day, as the summer driving season comes to an end.

Desmond Tutu speaks out on Rakhine crisis
In 2016, about 85,000 Rohingya poured into Bangladesh, fleeing rape, torture and murder at the hands of Myanmar security forces. There are many more in other parts of the region and the world. "We also have expectations concerning the Myanmar government".

5 takeaways from Seahawks win over Packers
Standing tall after first-and-goal from the 3 with a 7-3 lead was just another example of the unit rising to the occasion. The Packers limited Seattle to 12 first downs and 225 total yards, and Green Bay had an 18:26 edge in time of possession.

Hurricane Irma: FPL staged to restore power; some already without power
Lucie Nuclear Plant near Fort Pierce - 24 hours before hurricane-force winds hit the area and throughout the storm. FPL did announce Friday that it plans to shut down its two nuclear power plants - Turkey Point in Homestead and St.

Hingis & Murray sweep second straight mixed Slam at US Open
Murray and Hingis had already won Wimbledon in July while Saturday's triumph took their record as a team to a flawless 10-0. After the match, Murray reiterated his concerns about prize money for this format of the game.

Arsene Wenger believes Sanchez will 'win back fans' after Bournemouth boos
Meanwhile, Bournemouth are yet to record their first points of the season and remain 19th. Unfortunately for Bournemouth and their 3,000 travelling fans the ball hit the post.

Russia, Japan 'decisively condemn' North Korea missile launch - Putin
The nuclear test came only five days after the launch of a ballistic missile that flew over northern Japan on August 29. Last week, Pyongyang fired a ballistic missile that flew over the Japanese island of Hokkaido.

James Anderson replaces Ravindra Jadeja as No. 1 Test bowler
England's 2-1 win over the Windies keeps them third in the Test standings, behind India and South Africa. He was up to the pace of Shannon Gabriel , and no Australian will be quicker even if the pitches are.

US Open: Sloane Stephens beats Madison Keys
That's what real friendship is". "When I had surgery, I was not thinking that I would be anywhere near a US Open title". READ: Serena Williams Gives Birth To Her First Child, A Baby Girl! Her first singles title was in 2015 in Washington.

South Korea's Moon says he and Putin share understanding on North Korea
In his election campaign previous year , Donald Trump chided Japan and South Korea for not contributing enough to their defences. North Korea announced on Sunday carrying out a successful hydrogen experiment, the thing that caused worldwide denouncement.

Tutu implores 'beloved sister' Daw Suu to end violence in Rakhine
The Myanmar government claims about 400 have been killed so far, though United Nations officials estimate the death toll at more than 1,000.

NASCAR drivers salute fans with this cool pre-race gesture at Richmond
I don't exactly know 100 percent where we are, but I know we are one of the last few spots of non-winners that are still in. But unlike Daytona, there won't be any other chances after Richmond to qualify for the playoffs.

OIC to hold special session in Astana over Rohingya crisis
The Rohingya have always been subjected to discrimination in Buddhist-majority Myanmar, which denies them citizenship. The report found evidence of human rights violations by security forces that indicated crimes against humanity.

Other news