Stocks rebounded yesterday from their worst week in three months, led by energy shares as refinery shutdowns following Hurricane Rita lifted oil prices. Insurers gained after damage from the storm was less than forecast.
Boeing, the world's largest aircraft maker, was the best performer in the Dow Jones industrial average after the company reached an agreement with its striking machinists.
The Dow average increased 24.04, or 0.2 percent, to 10,443.63. The Standard & Poor's 500-stock index rose 0.34, to 1215.63. The Nasdaq composite index gained 4.62, or 0.2 percent, to 2121.46.
Valero Energy, the nation's largest refiner, said its Port Arthur, Tex., plant might be shut for two to four weeks. Six other facilities in Port Arthur and Beaumont, Tex., and Lake Charles, La., may stay shut because of lack of power and damage from winds or flooding. None of the operators said when output would resume.
The stock market's rebound was limited by concern that rising fuel prices, exacerbated by the hurricanes, will dent consumer spending.
Valero climbed $2.27, to $113.04, as a gauge of energy stocks gained 1.6 percent for the best performance among 24 industry groups in the S&P 500. Exxon Mobil increased 77 cents, to $64.60. XTO Energy, which has operations in Texas, gained $1.14, to $43.69.
American International Group, the No. 1 insurer, rose 63 cents, to $60.69. St. Paul Travelers, which insures the most commercial properties in Texas, climbed $1.20, to $43.95.
Boeing, the No. 2 commercial-airplane maker, jumped $1.47, or 2.3 percent, to $64.67. As part of the tentative labor agreement, Boeing will boost pension payments and keep workers' costs for medical insurance unchanged.
Walgreen fell $1.01, to $41.50. The company said fiscal fourth-quarter profit increased 1.4 percent, less than analysts' estimates, as Hurricane Katrina damaged property and boosted costs.
Caterpillar fell 58 cents, or 1 percent, to $58.34, for the worst performance in the Dow average.
New York Stock Exchange composite index rose 37.55, to 7556.45.
American Stock Exchange index rose 3.66, to 1727.12.
Russell 2000 index of smaller-company stocks rose 4.74, to 660.20.
NYSE: 2.01 billion shares, up slightly from Friday. Advancers outnumbered decliners 5 to 4.
Nasdaq: 1.52 billion shares, down from 1.62 billion. Advancers outnumbered decliners 10 to 7.
Crude oil for November delivery: $65.82, up $1.63.
Gold for current delivery: $465.90 a troy ounce, up from $463.50 on Friday.