WASHINGTON: The Trump Rally extends, as President Trump’s approval ratings soar. Monday, the S&P 500 rose 1%+ to a record high close, as Fed rate hike fear abated, Irma caused less damage than expected in Florida, and N.Korea decided not to test President Trump’s resolve.
All 11 major S&P 500 sectors rose, led by financials, with insurers advancing as Irma, once ranked as 1 of the most powerful hurricane recorded in the Atlantic, blew by. Geopolitical tensions eased after N.Korea did not mark its “Founding Day” Saturday with another launch of a long-range missile. With investors less worried about Irma’s impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance spiked 21%. “Valuations don’t bother me terribly, I do not think we’re at a level where valuations themselves are going to cause a correction,” said one Wall Street money manager. Ferrari (NYSE:RACE) the iconic Italian Supercar maker for nearly 2% to finish at 111.48/share. Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio; on NAS, a 2.56-to-1 ratio favored advancers. About 6-B shares changed hands in US exchanges, above the 5.8-B daily average over the last 20 trading days.
