Stocks set another record

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 missile launches. Financial and technology companies lead the way.

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. Insurance companies jumped, especially smaller ones that do a lot of business in Florida. So did travel companies. Home improvement retailers fell. Their stocks had climbed recently as investors expected post-storm repairs to boost their business.

Tensions between the U.S. and North Korea have been on investors’ minds recently, and on Monday global markets advanced as the situation didn’t get any worse.

In the U.S., bond prices fell, sending yields higher. That helped bank stocks because rising yields mean banks can charge higher interest rates on loans.

The Standard & Poor’s 500 index made its biggest gain since late April as it rose 26.68 points to finish at a record 2,488.11.

The Dow Jones industrial average gained 259.58 points to 22,057.37. The Nasdaq composite jumped 72.07 points to 6,432.26, three points below the record closing high it set Sept. 1. The Russell 2000 index of smaller-company stocks added 15.40 points to 1,414.83.