(IE) Wall St rebounded after Hurricane Katrina did its worst.

(From RWE)

Sydney - Tuesday - August 30: (RWE Aust Business News ) - Wall Street investors climbed back into US equities as the worst hurricane in decades slowly weakened into a category 3 storm.

It put a cap on the oil price which retreated from a record $70 barrel posted on yesterday's electronic trading system.

All the key New York indices finished in front. Investors believe the damage to oil rigs in the Gulf of Mexico may not be as bad as originally anticipated.

The Hurricane Katrina has inflicted massive damage estimated at $US34 billion on the mainland before weakening.

There was no US economic data released overnight.

Hurricane Katrina forced many companies to evacuate platforms in the Gulf of Mexico, where 30 percent of US oil is produced.

However, the price has settled at $67.20 barrel, up $1.07 on the New York …