Stocks rose sharply by the closing bell on Monday, Sept. 11, as Hurricane Irma's preliminary damage wasn't as devastating as some had predicted and North Korea didn't perform any nuclear tests over the weekend.
The S&P 500 rose 1.08% to a new record at 2,488.11. The Dow Jones Industrial Average finished trading up more than 250 points, or 1.19%, and soared above 22,000 for the first time since Sept. 1. And the Nasdaq jumped 1.13%.
The S&P 500 Index and the Dow both enjoyed their largest gains in six months, according to data from FactSet.
Hurricane Irma lost some of its steam over the weekend and was downgraded to a tropical storm early Monday as it moved along the Florida coastline and into the southeastern U.S. The National Hurricane Center said that although Irma is no longer classified as a hurricane, it is still producing wind gusts that are nearing hurricane-force.
Irma's strong gusts and powerful storm surge still caused life-threatening conditions, but maximum sustained wind speeds fell to 65 mph from Irma's peak wind speed of 185 mph late last week. The threshold for a storm to become a hurricane is 74 miles per hour.
Irma is expected to continue to weaken as it moves further inland. The storm will move into Georgia and Alabama Monday night and into Tuesday. The National Hurricane Center said the storm will likely become a tropical depression by Tuesday as continued slow weakening is predicted.
Still, the hurricane swamped much of downtown Miami and toppled at least three constructions cranes -- two over downtown Miami and one in Fort Lauderdale, the Associated Press reported.