US stocks higher ... Sigh of relief for property insurers ... Tesla rolls out more charging stations
NEW YORK (AP) — US stocks are jumping today, following global markets higher, after Hurricane Irma weakened without causing as much damage as many had feared. Travel companies and insurers are also rising. Home-improvement companies like Lowe’s and Home Depot, which rallied last week, fell. Bond prices fell, sending yields higher. At 11:01 a.m. Eastern Time, the Dow was up 216 points at 22,013. The S&P 500 jumped 20 points, to 2,481. And the Nasdaq was up 57 points, at 6,417.
NEW YORK (AP) — Though damage from Hurricane Irma is extensive, property insurers are breathing a sigh of relief with the storm nowhere near as catastrophic as many had feared. Shares in insurance companies that had been hammered in the days leading up to the storm are surging today, the first day of trading since the hurricane was downgraded to a tropical storm. Especially strong are companies with a strong presence in Florida, like Federated National Holding, HCI and Heritage Insurance.
NEW YORK (AP) — Tesla is rolling out more charging stations. The stations, being installed in places including Boston and Chicago, will be ready to go today. They’ll take up less space, are easier to install than previous models and can deliver 72 kilowatts of dedicated power to each car. It will take about 45 to 50 minutes for most drivers to charge their vehicles. And Tesla says more charging stations are on the way.
BEIJING (AP) — China’s auto sales rose 4.1 percent in August from the same month a year earlier, driven by strong demand for SUVs. The China Association of Automobile Manufacturers says almost 1.9 million SUVs, sedans and minivans were purchased. Total vehicle sales, including trucks and buses, rose 5.3 percent to almost 2.2 million. Sales growth this year has been relatively weak in comparison with a spike in demand last year as buyers moved up purchases to take advantage of a temporary sales tax cut.
NEW DELHI (AP) — Afghanistan is asking India to speed development of a strategic port in Iran to bolster a trade route for land-locked Central Asian countries that bypasses Pakistan. The port would help India transport goods to Afghanistan by sea. Pakistan currently does not allow India to transport through its territory to Afghanistan. India last year committed up to $500 million to the development of Chabahar port.