The storm still did, and is doing, a number on Florida.
The northeast quadrant of a hurricane is the worst one. Up Florida’s nose with a garden hose.
That’s the bad news. The good is that the eyewall is staying close to the coast.
The market is up not because disaster was avoided, but because the market is anticipating a flood of federal money as a result of the storms and quite possibly the reduction in odds that rate hikes will occur later in this year. Imo the thing to watch is the financial sector which will react badly to the news of no rate hikes although the financial sector will react positively *today* ..
.over...time the financials will probably weaken if rate hikes are off the table. Watch XLF, JPM, GS, MS, BAC.
Cuba gets an assist on this one. Irma beat herself up on the north shore of cuba.
Stock market is easily shocked. So volatile.
If the hurricane was/is so destructive, why are dozens of reporters standing in the middle of the storm broadcasting 24 hours?
It goes up, it goes down. 100 is .5% of the current index. Insignificant. The media always gives a reason for the change. They have no idea what they are talking about.