Stock Market News For Sep 12, 2017
Zacks Investment Research | Sep 11, 2017 10:13PM ET
The S&P 500 notched up a fresh record high on Monday after technology and financial stocks rallied. Investor sentiment improved after the impact of Hurricane Irma was weaker than expected. The Dow also posted its biggest one-day percentage gain since Mar 1, with shares of Travelers contributing the most toward its gains. Markets received another boost after North Korea chose not to test another nuclear missile over the weekend.
The Dow Jones Industrial Average (DJIA) closed at 22,057.37, gaining 1.2%. The S&P 500 Index (INX) increased 1.1% to close at 2,488.11. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,432.26, rising 1.1%. Advancing issues outnumbered decliners on the NYSE by 2,216 to 539. On the Nasdaq, advancers outnumbered decliners by 1,966 to 808. The CBOE VIX decreased 6.5% to close at 93.66.
Dow and S&P 500 Notch up Record Gains
The S&P 500 notched up a record high on Monday, ending the session up more than 1% and gaining 26.68 points in the process. This marked its biggest percentage gain since Apr 24. All of the S&P 500’s 11 sectors ended in the green, led by financials. The Financial Select Sector SPDR Fund (XLF) advanced 1.7%.
The financial sector gained from bullish sentiments following weaker than expected impact of Hurricane Irma. The hurricane was initially categorized as a Category 5 hurricane but lost strength after hitting the coast of Florida over the weekend. It has since been degraded to a tropical storm as the impact has been significantly lesser than what had originally been expected by the National Hurricane Centre.
Biggest contributors to such gains were stocks of leading insurers.. Shares of Travelers Companies Inc. (NYSE:TRV) , Progressive Corp. (NYSE:PGR) , American International Group Inc. (NYSE:AIG) , XL Group (NYSE:XL) and Everest Re Group (NYSE:RE) increased 2.3%, 2.2%, 1.7%, 5% and 4.3% respectively. Meanwhile, PowerShares KBW Property & Casualty Insurance Portfolio (KBWP) and SPDR S&P Insurance (NYSE:KIE) exchange-traded fund (KIE) increased 3.1% and 2.2% respectively.
The Dow gained 259.58 points on Monday, surging more than 1%. This marked its biggest daily percentage increase since Mar 1, when it gained 303 points. Of the blue-chip index’s 30 components, 28 ended in the green. The biggest contributor to such gains for the Dow was shares of Travelers Companies Inc. Meanwhile Nasdaq also surged more than 1% due to a surge in the tech stocks. Shares of Apple Inc (NASDAQ:AAPL) surged almost 2% ahead of the launch of its latest iPhone on Tuesday. The company possesses a Zacks Rank #3 (Hold). You can see Original post
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