Monday trading saw record highs as Hurricane Irma slowed to a category 1 storm and investors who were fearing the worst returned to the markets pleasantly surprised.

There is no denying the negative fallout from Irma and Harvey (and potentially more as we head into the crux of hurricane season) on millions of people but with that destruction also comes rebuilding.

When you get flooding like we had in Texas, you are going to potentially have hundreds of thousands of people shopping for new cars, all at once. If you get storms that destroy houses with wind and rain, as is the case in Florida, you get checks to fix them up almost instantly.

That could put the spotlight on a host of companies the next time earnings season rolls around. Namely, Stanley Black & Decker Inc. (SWK) - Get Report  , Owens Corning (OC) - Get Report  , Beacon Roofing Supply Inc. (BECN) - Get Report  and Honeywell International Inc. (HON) - Get Report  , and others that make metal or plastic fabricated parts -- not to mention home improvement supplies for the likes of Home Depot (HD) - Get Report  and Lowes Cos. (LOW) - Get Report  that could see a boost.

While the heavy industries could see a bump from Irma and any subsequent damage, the folks that will be footing the bill for much of the damages, insurers and banks, weren't so lucky.

JPMorgan Chase & Co. (JPM) - Get Report , Bank of America Corp. (BAC) - Get Report  and other U.S. banks are grappling with the potential for billions of dollars in losses from Hurricanes Harvey and Irma as borrowers in affected areas struggle to repay loans. Eight banks could see $156 billion of loans affected by the pair of storms over the next 12 months, Goldman Sachs said Monday. At the same time, airlines including United Continental Holdings Inc. (UAL) - Get Report  have already baked in some $400 million in losses due to the hurricanes, though that number could swell.

In non-hurricane related news, beleaguered Teva Pharmaceutical Industries Ltd. (TEVA) - Get Report  , saw a substantial pop on Monday as the company, which faces about $30 billion in debt, named a new CEO. The Israeli company said it had appointed Kare Schultz, formerly of Valby, Denmark-based pharmaceutical firm H. Lundbeck A/S to the top spot. While at Lundbeck, Schultz helped bring the company to profitability just as it was watching major drugs go off patent.

Still, no setback to bank stocks or insurers seemed to be able to slow Monday's rally, as the Dow, S&P 500 and the Nasdaq all finished in the green on the 16th anniversary of 9/11 and on the eve of Apple Inc.'s (AAPL) - Get Report  iPhone X reveal.

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Photo of the day: A deal with Allergan

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Meet the Saint Regis Mohawk tribe, the new owners of $1.5 billion-per-year-in-sales opthamologic drug Restasis. The tribe has agreed to acquire the patent rights to Restasis from Botox maker Allergan plc (AGN) - Get Report . The transfer of ownership of the patent to the sovereign Native American nation will allow Allergan in essence to avoid patent disputes with various generic makers looking to get in on Restasis. As part of its deal with Allergan the tribe will grant Allergan exclusive licenses to the transferred patents. The tribe, which currently counts less than 2,000 members, is one of the four remaining factions of the Mohawk tribe. In its heyday the tribe had more than 6,000 members and controlled territory that stretched to Quebec in the north, Wisconsin in the west and as far south as New Jersey. Above is Rosa Minoka Hill of the Mohawk tribe, the second Native American woman to become a medical doctor in the United States.

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