S&P 500 logs 31st closing record of 2017 as stock market bounces in 'relief rally' – MarketWatch

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U.S. stocks on Monday kicked off the first full week of trading in September with a bang, underlined by the S&P 500 ending at a record, as a raft of meteorological and geopolitical jitters gave way to a re-emergence of appetite for assets perceived as risky. The S&P 500 index SPX, +1.08% closed up 1.1% at 2,488, marking its first record close since Aug. 7 and its 31st in 2017, buoyed by gains in the technology XLK, +1.41% and financials sectors. Financials, as gauged by the PowerShares KBW Bank Portfolio KBWB, +2.01% and the Financial Select Sector SPDR ETF XLF, +1.74% booked their best daily rises since June 9, according to FactSet data. Bank stocks benefited from a resurgence in benchmark Treasury yields, with the 10-year Treasury note TMUBMUSD10Y, +3.77% rising to 2.13%, compared with 2.05% late Friday. Higher yields support a banks’s business models. The Dow Jones Industrial Average DJIA, +1.19% meanwhile, jumped about 260 points, retaking is perch above 22,000, while the Nasdaq Composite Index COMP, +1.13% closed up 1.1%. The technology sector has often been viewed as a gauge of Wall Street’s tolerance for risk, seeing heavy bidding when investors feel bullish on the market. Monday’s bounce was attributed to Hurricane Irma hitting Florida with less force than feared and North Korea refraining from conducting another missile test in the Korean Peninsula, factors that last week had helped push stocks and bonds mostly lower. The relatively milder impact of Hurricane Irma helped insurers, bracing for bigger liabilities from the storm, rally, highlighted by a 3.1% advance in the PowerShares KBW Property & Casualty Insurance Portfolio KBWP, +3.13% a popular exchange-traded fund used to invest in the in the sector. Art Cashin, UBS’s director of floor operations, on CNBC described Monday trading as a two-pronged “sigh of relief rally.” In corporate news, shares of Apple Inc. AAPL, +1.81% bounced 1.8% ahead of what is expected to be the debut of a fresh lineup of iPhones and other products from the Cupertino, Calif.-based tech giant.