New York Post

IRMA WORRY EASES

Marts calm & swell

- By KEVIN DUGAN kdugan@nypost.com

There’s not a cloud in the sky on Wall Street.

Markets hit record highs Monday after a rapidly weakening Hurricane Irma delivered far less damage to Florida than feared.

The S&P 500 Index closed at an all-time high of 2,488.11, after surging 26.68 points, its second-biggest gain of the year.

The Dow Jones industrial average soared 259.58 points, to 22,057.38, by the end of trading, its strongest performanc­e in more than six months. The Nasdaq also rose 1.13 percent, to 6,432.26, boosted by trading of Apple ahead of the next iPhone unveiling on Tuesday.

On Monday, Florida Gov. Rick Scott said the damage in the western part of the state, where the storm had hit over the weekend, was “not as bad” as in the Keys, which were ravaged by hurricane-strength winds.

“[This] is just a relief rally that the economic impact of Hurricane Irma wasn’t as bad as feared,” Scott Clemons, chief investment strategist at Brown Brothers Harriman, told The Post.

Irma, which meteorolo- gists had feared could devastate Miami and cause hundreds of billions of dollars in damage, had weakened to a tropical storm by Monday, and estimates of the damage were slashed.

Wall Street also seems to be shrugging off concerns that top White House economic adviser Gary Cohn could be on the outs — a fear that had dented the equity markets when rumors swirled that he was preparing to resign from the administra­tion.

Cohn, who’s shepherdin­g President Trump’s tax plan through Congress with Treasury Secretary Steve Mnuchin, is reportedly on Trump’s bad side after he publicly criticized his boss’ response to last month’s white supremacis­t rally in Charlottes­ville, Va., which left one counterpro­tester dead.

“Investors have grown somewhat immune to the seemingly daily rumor mill of who’s in and who’s out,” Clemons said.

“If people are still expecting Cohn to be the next chairman of the Fed, that’s so far down the road, he added.”

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