NEW YORK: The S&P 500 finished at a fresh record Monday and the Dow rose back above 22,000 as US stocks rallied after Hurricane Irma avoided a worst-case scenario.
The broad-based S&P 500 gained 1.1 percent to close at 2,488.11, about seven points above the last record set in early August.
The Dow Jones Industrial Average rose 1.2 percent to 22,057.37, moving back above 22,000 for the first time since mid-August, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 6,432.26.
After ripping through the Caribbean, killing at least 40 people, Hurricane Irma left millions without power in Florida and felled plenty of trees and traffic lights.
But the storm's track took it further west than earlier forecasts suggested, sparing Miami and Orlando the worst of the storm and inflicting less damage overall than feared.
Experts estimated a total bill for Florida in the tens of billions of dollars instead of more than $100 billion that was feared.
After dodging the nightmare scenario in Florida, insurers were big winners on Wall Street, with Travelers gaining 2.3 percent, Allstate 1.8 percent and Progressive 2.3 percent.
Banking stocks also had a good day, benefiting from a bounce in bond yields. Bank of America, JPMorgan Chase and Goldman Sachs all climbed more than 1.5 percent.
Apple gained 1.8 percent ahead of an expected launch of its new iPhone on Tuesday.
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