S&P opens at record high as Irma weakens; Apple in focus

The S&P opened at a record high on Tuesday as Irma further weakened to a post-tropical cyclone, and ahead of the highly anticipated launch of the new iPhone.

The weakening of Irma, the second major natural disaster to hit the United States after Hurricane Harvey, allayed concerns about the severity of its financial impact.

"Investors have gained confidence that the worst is over and concerns over Irma's economic impact seem to have disappeared for the moment," said Andre Bakhos, managing director of Janlyn Capital in Bernardsville, New Jersey.

All eyes will be on Apple as it prepares to unveil the 10th anniversary edition of the iPhone, whose sales will also have repercussions on its rivals and many suppliers.

Apple shares dipped 0.3 percent ahead of the event, scheduled to start at 1:00 p.m. ET (1700 GMT).

At 9:39 a.m. ET, the Dow Jones Industrial Average was up 64.64 points, or 0.29 percent, at 22,122.01 and the S&P 500 was up 6.76 points, or 0.27 percent, at 2,494.87.

The Nasdaq Composite was up 16.20 points, or 0.25 percent, at 6,448.46.
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