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Wall Street financial storm calmed down with Irene.Shares were hit by a barrage of bad economic news this summer has increased yesterday amid relief for damage caused by the hurricane, with glimmers of hope on the economic horizon.

The collective sigh of relief sent the benchmark Dow Jones Industrial Average close to balance in 2011.

Dow closed 2.26 percent or 254.71 points at 11,539.25. The index started to 11,577.43.

The S & P 500 also rose, extending its first weekly gain since July, rising 2.8 percent in 1210.

More cheerful mood yesterday's Wall Street was also due in part to growing expectations for more than Obama's plan post-Labor Day job.

Financial advantages are optimistic that Barack Obama, who earned low marks for his handling of the economy thus far, will be a step forward and take decisive action with the plan of new jobs, which will launch the weekend after Labor Day .

"They are working in this great plan, and people begin to believe and no one wants to run in front of it," one hedge fund operator.

The proposal "put more money into the pockets of working families and middle class families," Obama said yesterday at the White House Rose Garden after the appointment of Alan Krueger as president of the White House Advisory Council Economic.

Also helps to push economic clouds dark side - even temporarily - of good news coming out of Greece, which has been the focus of fears of debt crisis of Europe.

Greece lenders second and third largest in the transfer agreement to create the largest bank in the country, which should help to strengthen the new economic giant in the debt crisis.

At home, continued the Bank of America goes to climb from 5.8 percent after the bank confirmed that it will sell 13.1 billion shares in China Construction Bank Corp.

The news comes on the heels of the announcement last week that billionaire investor Warren Buffett will invest $ 5 billion in the bank, trying to allay fears that he needs to raise new capital.

The shares were also lifted by the clear evidence that the damage of Irene, which flooded the east coast and cut power to millions of people this weekend, it would be a catastrophe.

Insurance stocks rose to new estimates put the cost of damages to $ 2 billion to $ 3 billion - less than half of what was expected.

Shares of insurers have joined the news, Allstate Corp ending with more than 8.5 percent, to $ 26.30.

The Dow Jones Industrial Average jumped 254 points on Monday. Has led to a wave of insurers after the tropical storm Irene has caused much less damage to many initially feared, the AP.

However, many traders find it difficult to get to work in Lower Manhattan still on vacation or the volume of trade - the number of shares purchased and sold - was the lowest since July 26.

Analysts lowered estimates of the amount of damage Irene would mean that insurance stocks soaring. According to AP Allstate Corp. rose 8.5 percent, increased by Hartford Financial Services Group Inc. 13 percent, and Travelers Cos. Inc. rose 5.1 percent

Kim Forrest Caughey, equity research analyst at Fort Pitt Capital Group, told AP, "The United States have more or less untouched by the hurricanes. The cleaning will not cost as much as expected. "

On Thursday, said Kinetic Analysis Corp., a consulting firm, the damage from the storm expected to reach $ 20 billion. By late afternoon Sunday, lowered the $ 7 billion, as the storm weakened.

Of the $ 7 billion insurance would probably cover up to $ 3 billion, which is less than $ 6 billion the industry paid after Hurricane Isabel hit the region in 2003.