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THE REAL MOST ACTIVE Nasdaq Surges Above 50-Day In Heavy Volume.(B)
Byline: JONAH KERI
Nasdaq stocks perked up in higher volume Wednesday, as a raft of companies that stand to benefit from Hurricane Katrina soared.
The Nasdaq composite and Nasdaq 100 both gained 1% as they climbed back above their 50-day moving averages. Both closed at their highs for the day.
Recovery efforts in the areas hit by Hurricane Katrina continued. Oil prices pulled back after the U.S. Energy Department said it would tap into reserves to ease pressure from Gulf Coast oil operations affected by the weather and resulting flooding.
Meanwhile building material makers flourished.
Building Materials Holding zoomed 11.68, or 14%, to 93.48 on five times its normal trade.
The provider of framing, engineering, manufacturing and installation to residential builders and contractors was already a runaway success, having tapped into the white-hot real estate industry through much of 2004 and early 2005.
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