Big gains at Wall Street

Financials were by far the biggest gainer

P> U.S. stock-market indices booked their biggest one-day gains in months, on Monday, 11 September 2017 while the benchmark S&P 500 ended the session at an all-time high on Monday, in a broad rally led by financials and technology shares. Wall Street optimism was underpinned by Hurricane Irma delivering a less forceful hit on Florida than expected and North Korea failing to conduct another nuclear missile test over the weekend, reviving investor appetite for assets perceived as risky, such as equities.

The Dow Jones Industrial Average rose 259.58 points, or 1.2%, to 22,057.37. The Nasdaq Composite Index climbed 72.07 points, or 1.1%, to 6,432.26. The S&P 500 advanced 26.68 points, or 1.1%, to 2,488.11, with all 11 main sectors finishing higher. Of the 30 components on the Dow, 28 ended with gains.

Financials were by far the biggest gainer. Insurance companies led that sector's gains, boosted by the lighter-than-expected damage from Irma. Travelers Companies climbed 2.3% and was one of the biggest boosts to the Dow, while Progressive was up 2.2%. AIG rose 1.7%.

Hurricane Irma was downgraded to a Category 1 storm early Monday after tearing a destructive path across South Florida on Sunday, leaving about 6 million residents without power. Investors may have gotten another break from easing geopolitical tensions. North Korea failed to conduct a missile test over the weekend, which some predicted the country might do to mark the anniversary of its founding.

Among stocks under focus, Apple jumped 1.8% as it prepared to unveil its latest iPhone on Tuesday. Shares of Equifax continued to drop in the wake of news that the company suffered a cyberattack in which hackers stole sensitive information, such as social security numbers, of 143 million Americans. The stock declined 8.2%, adding to a 13% plunge on Friday.

Bullion prices dropped on Monday, 11 September 2017. Gold prices dropped to settle at their lowest level in just over a week, after ending last Friday at their highest since early September. Investment demand for the precious metal dulled as tensions between the U.S. and North Korea and concerns surrounding Hurricane Irma eased back. Strength in the dollar and U.S. equities also pressured prices for the metal. December gold fell $15.50, or 1.2%, to settle at $1,335.70 an ounce. December silver fell 22.1 cents, or 1.2%, to $17.902 an ounce.

Crude oil prices finished higher on Monday, 11 September 2017 as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey's extent of damage to oil refineries on the Gulf Coast.

October West Texas Intermediate crude tacked on 59 cents, or 1.2%, to settle at $48.07 a barrel on the New York Mercantile Exchange after tapping a low at $47. Global benchmark November Brent crude inched up by 6 cents, or 0.1%, to finish at $53.84 a barrel on the ICE Futures Europe exchange.

The ICE U.S. Dollar Index rose 0.6%, with the greenback notably stronger against the Japanese yen.

In the bond market, U.S. Treasuries sold off across the curve, pushing yields above the multi-month lows that they hit last week. The benchmark 10-yr climbed six basis points to 2.12% after falling to its lowest level since November on Thursday.

Investors didn't receive any economic data on Monday. Tuesday's lone economic report - the Job Openings and Labor Turnover Survey (JOLTS) for July will be released at 10:00 ET.

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