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Markets Calm As Gulf Woes Rise U.S. Economy Should Be OK; Stocks rally big as experts predict a modest impact; builders and oils shoot up.(A)
Byline: KIRK SHINKLE
Hurricane Katrina devastated much of the Gulf Coast, but most economists predict the overall impact will be modest.
But with the extent of damage still unknown, experts acknowledge this storm's effects could be bigger and broader than past natural disasters.
Investors seem to think the U.S. economy will do fine. The Nasdaq and S&P 500 rose 1%. The small-cap S&P 600 surged 2.1%, its best gain since mid-May. All the major averages are up this week.
Building and related firms led the way, followed by refiners and oil equipment and services sectors.
Retailers, casinos and hospitals continued to fare poorly.
Closed pipelines, refineries and wells mean pump prices will continue to rise nationally.
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