Markets

Midday Update: Relief Rally Follows In Wake of Irma, North Korea's Founding Day

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The major market averages were all significantly higher Monday as Wall Street breathed a sigh of relief Monday after Hurricane Irma caused less damage across Florida than expected, and North Korea left its missiles on the ground for Founding Day.

Led by gains in the financial sector, the Dow Jones Industrial Average gained more than 200 points, piercing the 22,000 level for the first time in five days.

Accordingly, safe havens are some of the more significant casualties from Monday's relief rally. Gold is down $14 an ounce, the yield on the 10-year Treasury note has crept up more than 6 basis points to 2.12%, and the Japanese yen is trading more than 1% weaker against the dollar.

The relief rally permeated global financial markets as well, namely European bourses which are more than 1% higher on gains in insurers. Swiss Re is higher by more than 4%, outpacing gains for its European rivals.

Crude oil was up $0.26 to $47.74 per barrel. Natural gas was up $0.047 to $2.94 per 1 million BTU. Gold was down $13.60 to $1,337.80 an ounce, while silver was down $0.18 to $17.94 an ounce. Copper was up $0.025 to $3.06 per pound.

Among energy ETFs, the United States Oil Fund was up 0.92% to $9.82 with the United States Natural Gas Fund was up 1.24% to $6.52. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was down 1.97% to 24.78 while SPDR Gold Shares were down 1.02% to $126.67. The iShares Silver Trust was down 0.85% to $16.87.

Here's where the markets stand at mid-day:

US MARKETS

NYSE Composite Index was up 101.55 points (+0.85%) to 11,989.47

Dow Jones Industrial Index was up 236.62 to 22,034.41

S&P 500 was up 23.32 points (+0.95%) to 2,484.90

Nasdaq Composite Index was up 64.52 points (+1.01%) to 6,424.73

GLOBAL SENTIMENT

FTSE 100 was up 29.43 points (+0.49%) to 7,413.59

DAX was up 160.26 points (+1.39%) to 12,475.24

CAC 40 was up 63.22 points (+1.24%) to 5,176.71

Nikkei 225 was up 270.95 points (+1.41%) to 19,545.77

Hang Seng Index was up 286.66 points (+1.04%) to 27,955.13

Shanghai China Composite Index was up 11.18 points (+0.33%) to 3,376.42

NYSE SECTOR INDICES

NYSE Energy Sector Index was up 80.86 points (+0.83%) to 10,263.98

NYSE Financial Sector Index was up 101.40 points (+1.36%) to 7,530.31

NYSE Healthcare Sector Index was up 76.57 points (+0.55%) to 14,019.01

UPSIDE MOVERS

(+) MRNS (+40.71%) Reported top-line data from ganaxolone study

(+) TAHO (+38.30%) Escobal mining license reinstated by Guatemalan Supreme Court

(+) IDRA (+16.92%) Reports positive results of phase 1/2 trial of IMO-2125 combination therapy for melanoma patients

DOWNSIDE MOVERS

(-) ACHN (-20.88%) Johnson & Johnson terminates hepatitis C deal with co.

(-) EPIX (-38.24%) Prioritizes next-generation Aniten program for mCRPC over further clinical development of EP-506

(-) AGI (-15.75%) Acquired Richmont Mines ( RIC )

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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