U.S. stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches. Financial and technology companies led the way.
Investors were relieved as Irma — which faded into a tropical storm but was still deluging Florida and Georgia — didn't appear to be as bad as it did in projections last week. Insurance companies jumped, especially smaller ones that do a lot of business in Florida. So did travel companies. Home improvement retailers fell; their stocks had climbed recently as investors expected post-storm repairs to boost their business.