Major Wall Street indices set records once again on Wednesday, shrugging off worries about a major hurricane approaching a key US oil-producing region and renewed coronavirus fears that had stymied indices elsewhere.
Hurricane Laura’s imminent impact on the US Gulf Coast region sent oil prices climbing again and testing five-month highs.
Around three million barrels a day of refining capacity have been closed after US authorities said the hurricane could bring “potentially catastrophic storm surges, extreme winds and flash flooding.”
Futur prices for US benchmark West Texas Intermediate spiked at mid-session to break above $43.75 before slipping back slightly though still holding near a five-month high.
But the hurricane uncertainty did not deter traders elsewhere in New York, who pushed the S&P 500 and Nasdaq to yet another record high close while the Dow finished up 0.3 percent despite weak opening momentum.
