Stocks staged a dramatic reversal Monday after Hurricane Katrina appeared to do less damage than feared.
However, it will take another day or two to assess the damage to oil production and other commodities, particularly on offshore oil rigs and pipelines where the worst of the storm struck.
The Nasdaq led Monday’s reversal, ending the day 25 points off its low to close at 2137, nearly 17 points higher. The S&P rose 7 to 1212, and the Dow gained 65 to 10,463. Volume rose to 1.57 billion shares on the NYSE, but declined to 1.27 billion on the Nasdaq. Advancers led 20-11 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 69% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 84-53 on the NYSE, and 60-51 on the Nasdaq.
PanAmSat surged 20% on news that it will be acquired by Intelsat.
Micromuse and MapInfo
jumped on upgrades.
BMC lost 2% on the resignation of its CFO.
Ultratech fell after terminating a senior company official.
