Stocks Opened Higher as Fears Eased over Hurricane Irma, North Korea

U.S. stocks opened sharply higher on Monday on relief that Irma weakened to a tropical storm and North Korea did not conduct a nuclear test over the weekend as feared. The Dow Jones Industrial Average lately rose 190.81 points, or 0.88%, to 21,988.60. The S&P 500 gained 19.75 points, or 0.80%, to 2,481.18. The Nasdaq Composite added 72.22 points, or 1.14%, to 6,432.41.

Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Brent crude oil futures for November delivery were down 31 cents at $53.47 a barrel while benchmark U.S. West Texas intermediate crude advanced by 22 cents to $47.70 a barrel.

Teva Pharmaceutical Industries Ltd. on Monday named Kare Schultz as its new chief executive, ending months of speculation over who will lead the Israeli drug company.