Stocks Rally, Dollar Strengthens. Hurricane Irma Weakens

The Dow Jones Industrial reached 22,000, up 120 points or 0.55 percent while the S&P 500 Index was at an all-time high, gaining 13 points or 0.53 percent on Monday. Hurricane Irma made landfall in Florida over the weekend, leaving a path of destruction with 6.4 million people being left without power. One of the worst storms in the history of Florida, Irma was a category 4 storm, but weakened to a Category 2, a tropical storm with winds reaching 110 kilometers per hour. Predictions of economic damage of $200 billion were scaled back to $49 billion.

Geopolitical Concerns Over Possible North Korea Launch of Missile Abates

North Korea held 69th anniversary celebrations over the weekend calming market fears that he was planning another intercontinental ballistic missile launch. North Korea’s latest nuclear test has resulted in the U.N. security council voting on Monday on new sanctions.

Safe Havens Dip

Gold, a safe haven dipped 1.1 percent to $1,331.58 an ounce as market participants put risks back on the table.

The Japanese yen, also a safe haven fell 1.3 percent against the dollar to 109.24.

The euro fell, for the first time in over a week by 0.6 percent to $1.1067.


Oil prices were mixed, US crude futures gained 0.61 percent to $47.77 while Brent oil fell 0.35 percent to $53.59. West Texas Intermediate gained 1.2 percent.

Discussions to possibly extend oil production cuts by a further three months, between Khalid al-Falih, Saudi Arabia’s Energy minister and energy ministers in Venezuela and Kazakh took place on the weekend.

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