Business Briefs: Stock market rallies to new record high

Business Briefs: Stock market rallies to new record high

September 12th, 2017 by Staff and Wire Reports in Business Around the Region

Traders on the floor of the New York Stock Exchange pause for a moment of silence on the 16th anniversary of the attacks on the World Trade Center, Monday, Sept. 11, 2017. (AP Photo/Richard Drew)

Photo by The Associated Press /Times Free Press.

Stock market rallies to new record high

U.S. stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches.

Investors were relieved as Irma, which is still deluging Florida and Georgia, didn't appear to be as bad as it did in projections last week.

"This is what happens when the market sells off in the face of what is really an awfully good fundamental environment," said Jim Paulsen, chief investment strategist for the Leuthold Group.

The Standard & Poor's 500 index made its biggest gain since late April as it rose 26.68 points, or 1.1 percent, to finish at a record high of 2,488.11. The Dow Jones industrial average gained 259.58 points, or 1.2 percent, to 22,057.37.

 

Chamber names finalists for Spirit of Innovation

The Chattanooga Chamber of Commerce on Monday said the storytelling platform Pass It Down, co-working space Society of Work and The Tomorrow Building apartments are the finalists for the 2017 Spirit of Innovation Award.

Spirit of Innovation celebrates Chattanooga's most innovative companies. Eligible innovations have been implemented within the past five years and are in the revenue-generating stages of their business plan with more than $50,000 in annual sales.

The Chattanooga Chamber honors finalist companies and will name an award recipient at the Spirit of Innovation Awards on Friday, Oct. 20, at the Chattanooga Convention Center.

Leslie Miley, a Silicon Valley native who has worked in engineering leadership roles at Slack, Twitter, Apple and Google, will speak at the luncheon.

 

Hurricane cancels 9,000 U.S. flights

More than 9,000 flights were canceled over the weekend and Monday because of Hurricane Irma, according to tracking service FlightAware. Although most cancellations were in Florida where Miami's airport sustained some damage Sunday, most of Delta Air Lines' 900 flight cancellations Monday were at its Atlanta hub because of high winds. American canceled 300 flights in Charlotte, N.C., due to wind.

In Chattanooga, about a dozen departures from Chattanooga Metropolitan Airport to Atlanta, Charlotte, N.C., and Tampa Bay were cancelled and another 10 flights scheduled to come into Chattanooga from those cities also were canceled Monday. Lovell Field officials warned fliers to check their airlines to make sure there's no disruption of their flights.

 

Property insurers breath sigh of relief

Though damage from Hurricane Irma is extensive, property insurers are breathing a sigh of relief with the storm nowhere near as catastrophic as many had feared.

Shares in insurance companies that had been hammered in the days leading up to the storm surged Monday, the first day of trading since the hurricane was downgraded to a tropical storm. Particularly strong are companies with a strong presence in Florida, such as Federated National Holding, HCI and Heritage Insurance.

Citi analyst James Naklicki estimated U.S. insured losses to be about $20 billion, with totals reaching up to $50 billion. A direct hit to Miami, he said, could have meant up to $150 billion in costs.


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