The Dow Jones Industrial Average surged on Monday, coming within 60 points of an all-time record, as the dollar rebounded and risk aversion receded after Hurricane Irma moved up the Florida coast.
The blue-chip index climbed 259.58 points, or 1.2%, to close at 22,057.37. That was the index’s highest settlement since August 16.
All but two of the Dow’s 30 index members recorded gains. DowDuPont Inc. (NYSE: DWDP) led the advance, climbing 3.1%. Travelers Company Inc. (NYSE: TRV), the Dow’s lone insurer, rose 2.3%.
Technology giants Cisco Systems Inc. (NASDAQ: CSCO) and Apple Inc. (NASDAQ: AAPL) rose 2.3% and 1.8%, respectively. Rounding out the top five was 3M Co (NYSE: MMM), which finished 1.9% higher.
On the opposite side of the ledger, The Home Depot Inc. (NYSE: HD) fell 0.8% and General Electric Co (NYSE: GE) finished 0.4% lower.
The broader S&P 500 Index also set a new record, adding 1.1% to 2,488.11. All 11 Sectors tracked by the benchmark index finished in positive territory. Meanwhile the technology-focused Nasdaq Composite Index rose 1.1% to 6,432.27
Investors bought equities at the expense of gold and other haven assets, which has risen sharply in the shadow of Irma. Gold futures for December settlement plunged more than 1% on the Comex division of the New York Mercantile Exchange to reach its lowest level since the beginning of the month.
Meanwhile, the U.S. dollar index (DXY) emerged from a protracted slump, rising 0.7% in afternoon trading. On Friday, the DXY dollar basket fell to its lowest level since January 2015.
Hurricane Irma ripped through Florida on Monday, but wreaked less damage than initially feared. Cleanup efforts were already underway as the storm tracked north toward the state of Georgia.
Dow Jones Industrial Average