Page 25 - ARUBA TODAY

BUSINESS Tuesday 12 sepTember 2017
A25

US stocks set records as Irma and North Korea worries fade

By MARLEY JAY hit from the storm. Royal
AP Markets Writer Caribbean Cruises jumped
NEW YORK (AP) — U.S. $4.24, or 3.6 percent, to
stocks rallied to record $121.69 and American Air-
highs Monday as Hurricane lines gained $2.26, or 5.2
Irma weakened without percent, to $45.86. Travel
causing as much damage booking site Priceline rose
as many had feared, and $30.29, or 1.6 percent, to
a North Korean holiday $1,868.86.
passed without new missile Investors’ sense of relief
launches. also pushed orange juice
Financial and technology futures a little lower. Futures
companies lead the way. had risen to $1.54 a pound
Investors were relieved as Friday from $1.30 at the
Irma, which is still delug- end of August and slipped
ing Florida and Georgia, to $1.51 a pound Monday.
didn’t appear to be as North Koreans observed
bad as it did in projections the 69th anniversary of the
last week. Insurance com- country’s founding, but did
panies jumped, especially not test another intercon-
smaller ones that do a lot tinental ballistic missile, as
of business in Florida. So did South Korea’s government
travel companies. Home had warned it might.
improvement retailers fell. Traders on the floor of the New York Stock Exchange pause for a moment of silence on the 16th Bond prices sank. The yield
Their stocks had climbed anniversary of the attacks on the World Trade Center, Monday, Sept. 11, 2017. on the 10-year Treasury
recently as investors ex- (AP Photo/Richard Drew) note rose to 2.13 percent
pected post-storm repairs percent, to 6,432.26, three over the next few months. HCI Group jumped $5.38, from 2.05 percent. Banks
to boost their business. points below the record Irma weakened shortly be- or 17.5 percent, to $36.15 rose, as JPMorgan Chase
Tensions between the U.S. closing high it set Sept. 1. fore it came ashore Sun- while Heritage Insurance gained $1.37, or 1.5 per-
and North Korea have The Russell 2000 index of day. gained $2.02, or 21.6 per- cent, to $89.79 and Fifth
been on investors’ minds smaller-company stocks It’s caused severe flooding cent, to $11.39. Larger in- Third Bancorp added 60
recently, and on Monday added 15.40 points, or 1.1 and knocked out power surers also rallied. Reinsur- cents, or 2.4 percent, to
global markets advanced percent, to 1,414.83. to millions. While the dam- ance company XL Group $25.70.
as the situation didn’t get That wiped out a month of age is still being assessed, advanced $1.94, or 5 per- In another sign investors
any worse. In the U.S., losses linked to internation- insurers climbed Monday cent, to $40.55 and Travel- were willing to take more
bond prices fell, sending al tensions as well as worries as investors anticipate they ers gained $2.80, or 2.3 per- risks, gold lost $15.50, or 1.1
yields higher. That helped about the lingering effects won’t have to pay out as cent, to $122.56. percent, to $1,335.70 an
bank stocks because ris- of Hurricanes Harvey and much in claims as it looked Investors also expected ounce. Silver fell 22 cents,
ing yields mean banks Irma, which are expected like they would just a few that travel-related compa- or 1.2 percent, to $17.90 an
can charge higher interest to slow the U.S. economy days ago. nies won’t take such a big ounce.q
rates on loans.
“This is what happens
when the market sells off Nordstrom opening concept store with no inventory
in the face of what is re-
ally an awfully good fun-
damental environment,” SEATTLE (AP) — Nordstrom the store or pick up online
said Jim Paulsen, chief in- is opening up a store that orders the same day. The
vestment strategist for the doesn’t have any inven- store will offer tailoring and
Leuthold Group. He said tory. manicure services.
investors are once again The luxury department The store is just 3,000 square
focused on strong eco- store chain says its Nord- feet (279 square meters).
nomic growth in the U.S. strom Local concept store That compares to the av-
and many other regions. will open in Los Angeles erage 140,000-square-foot
And while a gridlocked next month. (13,006-square-meter) size
federal government hasn’t The Seattle-based com- of a full Nordstrom store.
done much to stimulate pany says the store will be Nordstrom senior vice
the economy, Paulsen said staffed with personal styl- president Shea Jensen
the weakening dollar and ists who can order mer- says the store will allow the
falling interest rates could chandise for customers. company to offer its “best
give U.S. businesses, espe- Nordstrom says customers services in a convenient
cially technology compa- can also buy online inside location.”q
nies, a big boost.
The Standard & Poor’s 500
index made its biggest
gain since late April as it
rose 26.68 points, or 1.1 per-
cent, to finish at a record
high of 2,488.11. The Dow
Jones industrial average
gained 259.58 points, or
1.2 percent, to 22,057.37.
The Nasdaq composite
jumped 72.07 points, or 1.1