Hurricane hits US stocks

US stocks fell today in the devastating aftermath of Hurricane Katrina, which slammed the Gulf Coast, pounding hotels and casinos, constricting oil refinery capacity and leaving insurers to cover losses estimated as high as US$25bn (€20.47).

While major indexes gained on Monday when the storm weakened, Wall Street’s spirits sank today after the nation’s top disaster relief official called the hurricane “catastrophic,” oil prices climbed and stocks in affected sectors continued to drop.