New York Post

Texas hold ’em marts

- By CARLETON ENGLISH

As Houston grapples with Hurricane Harvey, Wall Street is reeling in its aftermath.

Energy stocks plunged into the red as much refining activity around the Texas coast came to a “standstill,” Jack Ablin, chief investment officer at BMO Private Bank, told The Post.

“That’s pushing demand for crude lower and reducing supply for refined products, like gasoline,” Ablin said.

Chesapeake Energy was the leading laggard in the S&P 500, with shares closing down 3.7 percent. Andarko Petroleum, Helmerich & Payne, Range Resources and Apache all saw their shares fall roughly 2 percent.

Not all refiners were affected equally. Shares of Valero Energy and Marathon Petroleum were each up more than 1 percent in Monday trading. Valero is working to resume operations at its Corpus Christi and Three Rivers refineries, and its other Gulf Coast refineries continue to operate, according to a statement released Monday.

Property and casualty insurance company stocks were also among Wall Street’s casualties in an otherwise mixed day for the market.

New York-based insurers Assurant and Travelers each saw their stocks plunge more than 2.5 percent.

The Dow Jones industrial average was roughly flat at the end of the day, off 5.27 points, at 21,808.40, while the S&P 500 index closed at 2,444.24, up 1.19 points.

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