Reconstruction companies get a boost from Sandy
Hurricane Sandy brought devastation to thousands along the East coast, and it's boosting stock prices for a number of companies that sell materials that could help homeowners and businesses to rebuild.
The deadly storm destroyed buildings and infrastructure across the East Coast. Investors, trading for the first day since the storm hit, are betting that the rebuilding efforts will benefit a number of companies.
The Home Depot Inc.'s shares added $1.27, or 2.1 percent, to $61.31 in afternoon trading, and Lowe's Companies Inc.'s shares rose 96 cents, or 3.1 percent, to $32.32. If Lowe's can hold the gain until the end of the session, it will be its highest close in five years.
Wood flooring retailer Lumber Liquidators Holdings Inc.'s shares also climbed to multi-year highs, rising by $1.88, or 3.5 percent, to $55.05. Building materials distributor USG Corp.'s shares rose $1.32, or 5.2 percent, to $26.54. Kitchen cabinet maker American Woodmark Corp.'s picked up 51 cents, or 2.3 percent, to $22.90.
In the broader market the Dow Jones industrial average and the S&P 500 were down less than 1 percent in light trading.