Aug 29, 2011 8:37 AM by Kate Richards

Tropical Storm Irene hits stock market

NEW YORK (AP) - U.S. stock futures are rising after the damage from Tropical Storm Irene wound up being less than many analysts had anticipated.

The storm ripped through the East Coast and caused widespread flooding. Millions were without power. However a consulting firm predicted that insured damages would range between $2 billion and $3 billion, lower than initially estimated.

Insurer Travelers Cos. rose 1 percent in premarket trading.

Operators of the New York Stock Exchange and other major U.S. exchanges said they would open for trading as usual Monday.

Ninety minutes ahead of the opening bell, Dow Jones industrial average futures are up 100 points, or 0.9 percent, at 1,379. S&P 500 index futures are up 13, or 1.1 percent, at 1,189. Nasdaq 100 index futures are up 21, or 1 percent, at 2,185.


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