Jim Chesko reporting...
Stocks closed out the week on a positive note, with the major indexes all establishing new closing highs. The Dow Industrials jumped 244 points today, the Nasdaq Composite rose 48 and the S&P 500 added 13.
Oil futures barely budged today. August crude edged up a penny to settle at $60.21 a barrel. But prices jumped 5% for the week amid supply disruptions from Tropical Storm Barry and another big drop in U.S. crude inventories.
One new estimate says Barry, which is expected to make landfall in Louisiana tomorrow, could cause $8-$10 billion in total damage. But most of the losses are expected to be caused by flooding and storm surge, which is typically not covered by private insurance. Homeowners and businesses in flood zones are typically required to buy flood insurance from the federal government.
Retailer Fred’s Inc. will close an additional 129 stores in 13 states. That includes 12 more Louisiana stores.
