Forex - Dollar remains broadly higher in subdued trade

S&P 500 Rose to Record Highs amid Increased Risk Appetite

Stocks rose broadly and haven assets retreated, a reversal from last week when major US stock indexes, the dollar and Treasury yields fell as investors anxious about worst-case scenarios from summer storms and threats from North Korea.

The U.S. dollar found some support following an official downgrading of Hurricane Irma's strength to Category 1 on Monday.

NORTH KOREA: North Koreans observed 69th anniversary of the country's founding, but it the country did not test another intercontinental ballistic missile, as South Korea's government had warned it might do.

Three major US indexes rose more than 1 percent on Monday as Irma's downgrade to a tropical storm eased concerns about its impact on economic growth, and as North Korea refrained from any missile tests over the weekend, as feared.

The Dow Jones Industrial Average was up more than 200 points, or 0.97%, and traded above 22,000 for the first time since September 1.

"Indices, which have been in consolidation over the last month or so, are now expected to enjoy a mini relief rally although we should get interesting insight into just how much investors perceive the threat of an escalation to have subsided. And that's really helping the sector", said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

The S&P 500 .SPX gained 1.08 per cent to 2,488.11 and the Nasdaq Composite .IXIC added 1.13 per cent to 6,432.26.

If the US does "rig up the illegal and unlawful "resolution" on harsher sanctions, the DPRK shall make absolutely sure the USA pays due price", said North Korea's foreign ministry via a statement published by the official KCNA news agency, according to AFP.

The focus was now also on the UN Security Council, where Washington is pushing for a vote Monday on tough fresh sanctions against Pyongyang, despite resistance from China and Russian Federation. Royal Caribbean Cruises jumped $3.88, or 3.3 percent, to $121.33 and American Airlines gained $1.27, or 2.9 percent, to $44.87.

Key US oil contract West Texas Intermediate sank 3.3 percent Friday while European benchmark Brent North Sea crude slid 1.3 percent in value. Small insurers, especially ones that do a lot of business in Florida, climbed.

With investors less anxious about Irma's impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance soared 21%. Apple (AAPL.O) rose almost 2 percent a day ahead of the launch of the new iPhone, providing the biggest boost to the Nasdaq and S&P.

A host of biotech stocks were also higher after reporting positive news on their drug developments.

Both Paris and Frankfurt were both up 1.1 percent in afternoon trading, while London stocks trailed with a 0.2 percent gain.

Advancing issues outnumbered decliners on the NYSE by 2,298 to 529. The KBW Nasdaq Insurance index rose 1.8%, almost wiping out its 1.9% drop last week.

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