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Home / International Markets / US stocks to record highs, rate hikes, N.Korea, Irma fears fade
US stocks to record highs, rate hikes, N.Korea, Irma fears fade

US stocks to record highs, rate hikes, N.Korea, Irma fears fade

WASHINGTON: The Trump Rally extends, as President Trump’s approval ratings soar. Monday, the S&P 500 rose 1%+ to a record high close, as Fed rate hike fear abated, Irma caused less damage than expected in Florida, and N.Korea decided not to test President Trump’s resolve.

All 11 major S&P 500 sectors rose, led by financials, with insurers advancing as Irma, once ranked as 1 of the most powerful hurricane recorded in the Atlantic, blew by. Geopolitical tensions eased after N.Korea did not mark its “Founding Day” Saturday with another launch of a long-range missile. With investors less worried about Irma’s impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance spiked 21%. “Valuations don’t bother me terribly, I do not think we’re at a level where valuations themselves are going to cause a correction,” said one Wall Street money manager. Ferrari (NYSE:RACE) the iconic Italian Supercar maker for nearly 2% to finish at 111.48/share. Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio; on NAS, a 2.56-to-1 ratio favored advancers. About 6-B shares changed hands in US exchanges, above the 5.8-B daily average over the last 20 trading days.