The cost of Harvey could go as high as $100B
Here at home, investors also grappling with the continued damage from Hurricane Harvey in Texas. Houston is an energy hub and refinery, as well as reconstruction stocks, they rose yesterday, while airlines and property and casualty insurers sold off. In the end, the Dow fell five points yesterday and the Nasdaq actually rose for the first time in four days.
Experts are still trying to gauge the economic impact of Harvey. The Texas economy packs a hefty punch, it's a tenth of the total U.S. economy. And, estimates for the cost of this storm? They could go as high as $100 billion, with tens of billions of dollars in property damage and also lost economic output with many restaurants, retailers and hotels closed as rescue efforts are still underway. The good news, sunshine is expected at the end of the week.