Wall St opens higher; Harvey puts oil in focus

Traders work on the floor of the NYSE in New York

Toronto's main stock index fell Monday amid tumbling oil prices as tropical storm Harvey wreaked havoc on energy markets.

US crude futures CLc1 fell 2.5 percent to $46.68 per barrel over concerns that the refinery shutdowns could trigger an increase in crude inventories.

"The unfortunate event from Hurricane Harvey will have some sort of impact on the numbers, down the line.at this point, it does not appear to affect equities", said Andre Bakhos, managing director at Janlyn Capital.

But the search for safe havens was accompanied by stock picking in Home Depot HD.N , which rose 1.2 percent, and other companies likely to benefit from rebuilding efforts in the region.

US economic growth had more than halved in the quarter after Hurricane Katrina mauled Louisiana in August 2005.

At 9:41 a.m. ET (1341 GMT), the Dow Jones Industrial Average was up 18.34 points, or 0.08 percent, at 21,832.01, the S&P 500 was up 4.48 points, or 0.18 percent, at 2,447.53.

The Nasdaq gained 17.37 (+0.28 percent) to close at 6,283.02, while the S&P 500 finished at 2,444.24, up 1.19 (+0.05 percent) from its open.

Start-ups can now raise 100% FDI from venture capitalists
Such investments shall also be subject to the extant FEMA regulations and extant FDI policy including sectoral caps, etc. Start-ups issuing convertible notes would be required to furnish reports as prescribed by the RBI , it added.

Fehr said a carry-over trend from last week was Federal Reserve Chair Janet Yellen's lack of specific, hawkish tone about future USA policy at an annual meeting of central bankers, economists and policy makers in Jackson Hole, Wyo.

Kite Pharmaceuticals soared 28.40 percent after Gilead Sciences agreed to buy the immunotherapy developer in a deal valued at $11.9 billion.

Meanwhile, Harvey had investors downbeat on oil producers: ConocoPhillips ended down 1.2 percent, while Chevron, Royal Dutch Shell and ExxonMobil all fell 0.4 percent.

Crude oil was last seen down 2.4% at $46.70.

Insurer Travelers TRV.N was the largest drag on the Dow with a 2.6 percent drop to $123.23, while Allstate ALL.N fell 1.5 percent to $90.65 as investors assessed the likely impact of Harvey on the sector. Volume was 6.1 million versus the daily average of 1.77 million shares.

Declining issues outnumbered advancers on the NYSE by 1,452 to 1,244.



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