The Dow Jones Industrial Average staged a bold rally Monday as damages from Hurricane Irma weren't as bad as originally expected and geopolitical tensions eased following a quiet weekend in the Korean peninsula.
The Dow was up over 250 points, or 1.17%, to trade above 22,000 points for the first time since Sept. 1. The index is tracking for its biggest single-day gain in six months. Here are the top stocks leading the Dow deep into the green.
DowDuPont Inc. (DWDP) stock jumped 3.46% after Bank of America analyst Steve Byrne initiated coverage with a "buy" rating and a $78 price target. Byrne said the list of catalysts for the newly minted company over the next 12 to 18 months is long. The company will release pro forma financials on Nov. 15, which will provide more information for investors. Byrne added that the company's expectation to achieve $20 billion in Ebitda in 2019 could prove conservative, as it might not take all synergies into account.
Travelers Cos. Inc. (TRV - Get Report) was up 2.52% as concerns that insurers with heavy exposure to Florida would falter became less serious. Travelers gained on overall sentiment that damage in Florida wouldn't be as bad as many expected. The company led the insurance sector higher, offering remarkable gains for exchange-traded funds that track insurance stocks. The SPDR S&P Insurance ETF (KIE - Get Report) gained 2.22% and the iShares U.S. Insurance ETF (IAK - Get Report) was up 1.86%. The PowerShares KBW Property & Casualty Insurance Portfolio (KBWP - Get Report) was up 3.43% to mark its largest one-day gain since November of 2011.
Intel Corp. (INTC - Get Report) gained 1.98% as Apple Inc. (AAPL - Get Report) fans ready for the release of a new generation Apple Watch at an event Tuesday. The watch is rumored to use a 4G modem manufactured by Intel. The new Watch series' modems are of high importance, as many consumers are looking to an improved modem to keep the watch's battery from draining quickly as older models have.
American Express Co. (AXP - Get Report) increased 1.80% after the company announced a new venture with Delta Air Lines (DAL - Get Report) for a no-annual-fee credit card. The credit card will earn airline rewards without a fee, similar to the way a cash-back credit card operates. For every purchase, cardholders will get Delta SkyMiles. Delta shares also gained, rising 3.49% mid-afternoon.
Apple Inc. (AAPL - Get Report) rose 1.70% as investors reacted to multiple media reports the tech giant's new anniversary iPhone will carry a $1,000 price tag. The reports suggested a so-called Anniversary iPhone will be unveiled by Apple on Tuesday, Sept. 12, in Cupertino, California, along with two new iPhone products, an Apple Watch and an upgraded version of Apple TV that is expected to support ultra high definition 4K software.