Stock market rebounds as hurricane fears ease

NEW YORK -- Wall Street rallied Monday after Hurricane Katrina weakened, easing concerns about refinery outages along the Gulf of Mexico and pulling oil prices back from record highs.\nStocks opened lower but quickly rebounded as crude oil futures cooled after surging past $70 a barrel in early trading on news that the storm shut down about 8 percent of U.S. refining capacity. A barrel of light crude settled at $67.20, up $1.20 on the New York Mercantile \nExchange.\nInvestors found some relief in reports that President Bush was mulling whether to offset the supply disruption with oil from the nation's petroleum reserve, but energy and insurance stocks still came under pressure as the market tried to gauge the hurricane's financial impact.