Midday Report: Stocks Mixed as Hurricane Harvey Damage Assessed - TheStreet

Midday Report: Stocks Mixed as Hurricane Harvey Damage Assessed

Stocks are mixed.
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<L3 Name = "Kinsey Grant">
This is how markets are trading at midday this Monday, August TWENTY-EIGHTH.

<FS="Index full screen"> DOW, S&P 500, NASDAQ with lower third "STOCK MARKET MOVES HIGHER"

-DOW WAS TRADING LOWER

-S&P 500 WAS HOVERING NEAR FLAT

-NASDAQ WAS CLIMBING OVER 20 POINTS
The three major indexes were trading mixed at midday Monday as the aftermath of Hurricane Harvey sent shockwaves throughout U.S. equities.

The Dow traded slightly lower, while the S&P 500 traded up just barely. The Nasdaq trended more confidently, up nearly 0.4% earlier.

<FS="S STOCK"> Travelers Cos. Inc., TRV

Dow component Travelers Insurance slipped as much as 2.6% Monday. It's morning losses weighed on the Dow, which traded down as many as 20 points earlier. Shares of the insurance giant fell as investors started to tally total losses sustained in Hurricane Harvey's devastating tear through the Gulf of Mexico. Restaurant and oil refining stocks were down. Home improvement retailers saw a pop, though, and gas prices snagged a two-year high.

<FS="S STOCK">back to anchor, Lower third: NEW UBER CEO

Uber Technologies has reportedly found a new CEO to replace Travis Kalanick after his highly publicized June ousting. Expedia CEO Dara Khosrowshahi will reportedly take the helm at the scandal-ridden ride sharing company. Khosrowshahi is a noted Trump critic and has served as the head of Expedia since 2005.

<FS="S STOCK"> Ticker: Kite Pharma Inc., KITE

Shares of Kite Pharma soared nearly 30% in morning trading on news Gilead Sciences agreed to buy the company. Gilead will pay $180 per share, which is about a 29% premium to Kite's Friday closing price. The deal is expected to close in the fourth quarter of this year.

<L3 Name = "Kinsey Grant">
And that's where the markets traded at midday. In New York, I'm Kinsey Grant for TheStreet.