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Article: Hurricane Katrina: Stocks dip, then advance strongly.
- Article from:
- Atlanta Journal-Constitution
- Article date:
- August 30, 2005
CopyrightCOPYRIGHT 2005 The Atlanta Journal-Constitution. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Tom Walker
Aug. 30--It might have been worse, and because it wasn't, the stock market closed with a broad advance on Monday, despite the Gulf Coast devastation left in the wake of Hurricane Katrina.
All the major stock indexes advanced after recovering from early losses, with the Dow Jones industrial average adding 66 points as all but six of its 30 stocks moved up in price. All of Standard & Poor's major industry groups also advanced.
Early estimates are that Hurricane Katrina, which missed a direct hit on New Orleans, caused from $9 billion to $16 billion in storm damage -- much less than had been feared as the then-Category 5 ...