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Stock rise after storm damage is less than feared

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NEW YORK (AP) — Stocks are rising after Tropical Storm Irene wound

up being less severe than many analysts had anticipated.

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The storm ripped through the East Coast and caused widespread

flooding. Millions were still without power. However, a consulting

firm predicted that insured damages would range between $2 billion

and $3 billion, lower than initially estimated.

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The New York Stock Exchange and other major U.S. exchanges opened

for trading as usual Monday.

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Shortly after the opening bell, the Dow Jones industrial average is

up 170 points, or 1.5 percent, at 11,455. The S&P 500 is up 20,

or 1.6 percent, at 1,197. The Nasdaq is up 42, or 1.7 percent, at

2,521.

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Greek stocks jumped 15 percent after two major banks agreed to

merge to better withstand that nation’s debt crisis.

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