All three major indexes marked major gains after surging over 1% each Monday. The Dow traded above 22,000 for the first time since the start of the month. The index reached its best single day gains since March 1, joined by the S&P 500, which snagged the same record. The Nasdaq closed Monday up close to 1.1% with its second-best performance of the summer.
Hurricane Irma was downgraded to a Tropical Storm Monday as damages weren't as bad as first expected. But the dollar amount Hurricanes Irma and Harvey cost could be significant. Estimates vary, but Moody's analysts said combined damages from Harvey and Irma could reach $200 billion. That led Moody's to shave off a half of a point for its third quarter gross domestic product estimates, putting the forecast at 2.5% growth.
And if you're traveling tonight or tomorrow, pencil in some time for delays or even a cancellation. Irma is projected to hit the Atlanta area late Monday and early Tuesday, which could ground Delta Air Lines (DAL) flights at the company's hub and the world's busiest airport. Miami International Airport, which is Florida's largest, was closed Monday. American Airlines Group (AAL) said it plans to resume flights from its Miami hub Tuesday.
Dow component Apple (AAPL) finished the day up as investors ready for what could be the tech giant's biggest announcement in years. Tomorrow, Apple is expected to announce its newest rendition of the iPhone handset marketed as the iPhone X. The phone could cost as much as $1,000, but analysts noted that price elasticity isn't a major concern for Apple's affluent key market.