News Summary: Superstorm waterlogs US stocks
Nov. 2, 2012 at 11:02 a.m.
STORMY WEATHER: Waterlogged from Superstorm Sandy, U.S. stocks fell sharply Friday. The Dow Jones industrial average dropped 139 points as details about the storm's costs began to trickle out.
WHAT JOBS REPORT? The day began with a solid report on hiring and employment in October. Most days, that's enough to lift stocks. But the Dow was positive only for the first half-hour of trading.
UNKNOWN UNKNOWNS: Insurers plunged, though it's far too early to say how badly the storm will hurt their earnings. The chairman of Hartford Financial, Liam McGee, told investors on a conference call that the storm's costs are just beginning to come into focus.