US stocks surge at open as Irma, N. Korea fears ease
|Major US equity indices opened sharply higher on Monday as investors breathe a sigh of relief that N. Korea did not conduct another nuclear test over the weekend.
Investors also cheered the big news that Irma, which made landfall in the Florida Keys on Sunday, had weakened to a tropical storm and the devastations were so far not as catastrophic as had been feared.
There were no major economic data due for releases on Monday and hence, fading risk-aversion trade boosted US equity markets during the opening hour of trade.
At the time of reporting, the Dow Jones Industrial Average surged around 185-points and moved back closer to the 22K psychological mark. Meanwhile, the broader S&P 500 Index added nearly 20-points to 2,480, while tech-heavy Nasdaq Composite Index climbed 70-points and outperformed the broader indices.
The N. Korean episode might still be far from over and the tensions might return as the UN Security Council votes for tougher sanctions on the isolated nations. N. Korea's foreign ministry, via a statement published by the official KCNA news agency, has already said that the DPRK shall make absolutely sure the US pays due price if it rigs up for illegal and unlawful resolution on harsher sanctions.
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