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prensaestatal.com Setiembre 26, 2017


S&P 500 Rose to Record Highs amid Increased Risk Appetite

12 Setiembre 2017, 03:29 | Dolorita Barahona

However some caution is also likely as investors await a key batch of UK data and the latest Bank of England policy meeting later this week

City skyline

Stock markets rallied on Monday on receding concerns over North Korea and Hurricane Irma, analysts said.

The large-cap S&P 500 Index (NYSEARCA:SPY) climbed 1.1% to 2,488.11, its first record close since early August. US shares were set to drift higher, with Dow futures adding 0.2 percent to 22,052 and S&P 500 futures gaining 0.1 percent to 2,487.60.

ANALYST TAKE: "Once again we find ourselves in a scenario in which no news is good news and while underlying risks remain, the longer we go without another nuclear or missile test, the more positive investors will become", said Craig Erlam, senior market analyst at OANDA.

All the 11 major S&P indexes advanced, with the technology and the financial sectors' more than 1 percent increase leading the gainers. "Much depends on where the dollar and bonds decide to go".

Irma, which has toppled cranes, swallowed streets and left millions without power, was starting to weaken on Monday while still pummelling parts of Florida on its destructive march north.

PYONGYANG PARTY: North Koreans observed the country's 69th founding anniversary with celebrations that included laying flowers and bowing at statues and portraits of past leaders.

With investors less anxious about Irma's impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance soared 21%. Australia's S&P/ASX 200 was up almost 0.9 percent at 5,763.20 in early trading, while South Korea's Kospi inched up but was little changed at 2,359.45.

Bond prices sank. The yield on the 10-year Treasury note rose to 2.13% from 2.05%.

The euro has gained more than 14 percent against the dollar so far in 2017, on track for its best annual performance in 14 years. Silver fell 22 cents, or 1.2 percent, to $17.90 an ounce.

Another market focus on Tuesday will be the launch of Apple Inc's (AAPL.O) iPhone 8 as its sales will have repercussions beyond Apple for many suppliers as well as its rivals.

U.S. crude oil prices settled 1.2 percent higher at $48.07 a barrel as USA refinery restarts and Saudi cut extension talks offset Hurricane Irma-related demand fears.

The metal lost 1.4 percent in the previous session, its biggest one-day percentage decline since early July.

Advancing issues outnumbered declining ones on the NYSE by a 4.02-to-1 ratio; on Nasdaq, a 2.45-to-1 ratio favored advancers. Natural gas rose 6 cents to $2.95 per 1,000 cubic feet.

In other commodities trading, copper added 2 cents to 3.07 dollars a pound. The dollar was at 109.56 yen compared with the 10-month lows around 107.30 yen last week.

The Chinese yuan pulled further away from Friday's 21-month high against the dollar of 6.5432, after China's central bank on Monday lifted measures put in place to support the yuan when it came under selling pressure.



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