Markets Brace for Another Possible Disaster, this One from Mother Nature
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Not only does the market have to deal with a Eurozone crisis, floundering bank stocks, Jackson Hole, a possible double dip, near-record low debt yields, and whipsawing gold prices - now the market has to deal with a possible hurricane that is poised to wreck havoc on the eastern seaboard.
Hurricane Irene is on track to hit North Carolina and extend upward along the east coast.
On Thursday, New York Mayor Michael Bloomberg warned citizens they should be prepared for evacuation.
Irene is expected to reach New York sometime Sunday and could be as strong as a Category 2 hurricane on Long Island. While the hurricane may not have a direct hit on New York City, tropical storm-like conditions like heavy rains and winds of 60 miles an hour could be expected.
"If the worst scenario is going to happen this weekend, we will activate other elements of our Coastal Storm Plan, including the possibility of evacuating of New Yorkers who live in low-lying areas that could be affected by such storm surges," Bloomberg said. Those areas include Coney Island and Manhattan Beach in Brooklyn, Far Rockaway and Broad Channel in Queens, South Beach, Midland Beach, and other low-lying areas on Staten Island, and Battery Park City in Manhattan.
While not enough information is currently know, he said a decision will be made on possible evacuations based on the storms track speed, and the strength.
A number of insurance stocks are seeing weakness Thursday afternoon based on exposure to possible damage from the storm. Allstate (NYSE: ALL) is down 2.8 percent, Chubb (NYSE: CB) is down 4 percent, and Travelers (NYSE: TRV) is down 3 percent
Hurricane Irene is on track to hit North Carolina and extend upward along the east coast.
On Thursday, New York Mayor Michael Bloomberg warned citizens they should be prepared for evacuation.
Irene is expected to reach New York sometime Sunday and could be as strong as a Category 2 hurricane on Long Island. While the hurricane may not have a direct hit on New York City, tropical storm-like conditions like heavy rains and winds of 60 miles an hour could be expected.
"If the worst scenario is going to happen this weekend, we will activate other elements of our Coastal Storm Plan, including the possibility of evacuating of New Yorkers who live in low-lying areas that could be affected by such storm surges," Bloomberg said. Those areas include Coney Island and Manhattan Beach in Brooklyn, Far Rockaway and Broad Channel in Queens, South Beach, Midland Beach, and other low-lying areas on Staten Island, and Battery Park City in Manhattan.
While not enough information is currently know, he said a decision will be made on possible evacuations based on the storms track speed, and the strength.
A number of insurance stocks are seeing weakness Thursday afternoon based on exposure to possible damage from the storm. Allstate (NYSE: ALL) is down 2.8 percent, Chubb (NYSE: CB) is down 4 percent, and Travelers (NYSE: TRV) is down 3 percent
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