51.7 F
Los Angeles
Sunday, Jan 29, 2023
-Advertisement-

Stocks Rebound on Weakened Katrina

Stocks ended higher on Monday after Hurricane Katrina weakened, calming investors’ anxieties about refinery outages along the Gulf of Mexico, where 30 percent of U.S. oil is produced.


The Dow Jones Industrial Average climbed 65.76, or 0.6 percent, to close at 10,463.05. The Standard & Poor’s 500 Index gained 7.18, or 0.6 percent, to 1,212.28. The Nasdaq Composite Index rose 16.88, or 0.8 percent, to 2,137.65.


Oil prices had surged to a record above $70 a barrel before easing as Wall Street bet that damage from one of the biggest hurricanes in U.S. history would be less than had been feared. Light sweet crude for October delivery settled up only $1.07 at $67.20 a barrel on the New York Mercantile Exchange, paring early gains after Hurricane Katrina struck into Louisiana and Mississippi.


Oil companies with no Gulf exposure benefited throughout Monday’s session, as they can take advantage of high oil prices without incurring any recovery costs. L.A.-based Occidental Petroleum Corp. saw its shares rise 2.1 percent to $79.83.


Other local gainers included Capstone Turbine Corp., which rose 9.8 percent to $4.60 after the Chatsworth-based microturbine technology developer’s stock rating was raised to “buy” from “neutral” by analyst Sanjay Shrestha at First Albany Corp.


Teledyne Technologies Inc. edged up 3 percent to $37.29 after the L.A.-based electronic components provider said its subsidiary, Teledyne Investment Inc., completed its acquisition of RD Instruments Inc. for approximately $37 million.


And shares of Computer Sciences Corp. gained 1.1 percent to $44.26 after the El Segundo-based company said it won an $86 million contract to provide mission support services for the Environmental Protection Agency’s Water Security division. The deal has one base year and four one-year options.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-