Markets Right Now: Stocks march higher as Irma weakens

NEW YORK – The latest on developments in financial markets (All times local):

4 p.m.

Relieved investors send stock prices solidly higher on Wall Street, pushing the Standard & Poor’s 500 index to another record high.

Insurers and travel-related companies posted big gains on Monday after Hurricane Irma appeared to be less destructive than many had feared.

Cruise operator Carnival and Chubb each gained 3.6 per cent.

Home improvement companies, which rallied last week, fell as investors anticipated less demand for repairs. Lowe’s dropped 1.3 per cent.

Apple rose 1.8 per cent a day ahead of its latest iPhone launch.

The S&P 500 rose 26 points, or 1.1 per cent, to 2,488.

The Dow Jones industrial average rose 259 points, or 1.2 per cent, to 22,057. The Nasdaq increased 72 points, or 1.1 per cent, to 6,432.

Bond prices fell. The yield on the 10-year Treasury rose to 2.13 per cent.

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11:45 a.m.

Insurers and travel companies are rising sharply after Hurricane Irma appeared to be less destructive than many had feared.

Royal Caribbean Cruises rose 3.3 per cent Monday, and Chubb gained 3.6 per cent.

Home improvement companies, which rallied last week, fell as investors anticipated less demand from homeowners needing to do repairs following the storm. Lowe’s dropped 1.5 per cent.

Banks rose more than the rest of the market as bond yields jumped. Bank of America climbed 1.8 per cent.

The Standard & Poor’s 500 index rose 23 points, or 0.7 per cent, to 2,484.

The Dow Jones industrial average rose 234 points, or 1.1 per cent, to 22,032. The Nasdaq composite increased 64 points, or 1 per cent, to 6,424.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.12 per cent.

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9:35 a.m.

Insurers and travel companies are rising sharply in early trading on Wall Street after Hurricane Irma didn’t turn out to be as destructive as many had feared.

Royal Caribbean Cruises rose 3 per cent in early trading Monday, and Chubb gained 3.2 per cent.

Technology companies were also rising in the early going. Apple added 1.2 per cent and Facebook climbed 1.1 per cent. Technology remains the highest-performing sector in the market this year.

Banks were also rising more than the rest of the market as bond yields jumped. Bank of America rose 1.2 per cent.

The Standard & Poor’s 500 index rose 18 points, or 0.7 per cent, to 2,479.

The Dow Jones industrial average rose 172 points, or 0.8 per cent, to 21,479. The Nasdaq composite increased 66 points, or 1 per cent, to 6,426.