|
NEW YORK (CNN/Money) -
Stocks jumped Monday morning as investors welcome falling oil prices and signs that Hurricane Rita's damage was not as extensive as had been feared.
The Dow Jones industrial average (up 63.53 to 10,483.12, Charts), the Standard & Poor's 500 (up 6.45 to 1,221.74, Charts) index and the Nasdaq composite (up 15.56 to 2,132.40, Charts) all gained in the early going.
The stock advance was broad-based, with 28 out of 30 Dow issues rising at the open.
Oil prices tumbled amid relief that refineries in the Houston-Galveston hub didn't suffer a direct hit from the hurricane. However, refineries further east were hit and Gulf of Mexico production was shut down in the storm's wrath. Nonetheless, analysts don't expect the damage to be long term.
Additionally, the overall economic fallout from Rita is expected to be less than that of Katrina, with some analysts saying insurance losses will be roughly one-third of the earlier hurricane.
U.S. light crude oil for November delivery fell 59 cents to $63.60 a barrel in electronic trading.
Boeing (up $2.20 to $65.40, Research) was the Dow's biggest gainer, adding more than 3 percent after the company reached a tentative agreement with its biggest labor union to end a strike that had left its airplane factories idle for nearly a month.
Treasury prices fell, boosting the yield on the 10-year note to about 4.29 percent from 4.25 percent late Friday. Treasury prices and yields move in opposite directions.
The dollar was little changed versus the euro and yen.
COMEX gold fell $4.70 to $462.50 an ounce.
|
