NEW YORK (AP) -- Wall Street recovered from early losses and edger higher Monday even as Hurricane Katrina tormented U.S. refineries in the Gulf of Mexico, disrupting energy production there and catapulting oil prices to new record highs.
Stocks scattered but moved mostly higher as crude-oil futures eased after surging past $70 a barrel on news that Katrina has so far shut down an estimated 1 million barrels of refining capacity. A barrel of light crude jumped $2.52 to $68.65 on the New York Mercantile Exchange.
The supply disruption weighed on shares of oil and gas producers, while home-improvement retailers Home Depot Inc. and Lowe's Cos. got a lift as resident along the Gulf coast prepared for Katrina's approach. Concerns about losses from storm damage pulled down the insurance sector.
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http://biz.yahoo.com/ap/050829/wall_street.html?.v=11
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