hurricane season

Swiss insurer Zurich Financial Services AG on Thursday reported a 90 percent drop in profit for the third quarter following pre-tax writedowns of $1.1 billion and a costly hurricane season.

Even as thousands of workers returned to their posts in the oil-rich Gulf of Mexico after Hurricane Gustav's mild blow, other storms traveling across the Atlantic Ocean served as a reminder that the heart of hurricane season is here.

A lousy way to start off the week on Wall Street. Stocks were down 250 points by 1 PM Monday, mostly from downbeat earnings expectations from financial giant AIG.

Adding fuel to the fire was a modest spike in oil prices (to $115 per barrel) mostly due the onslaught of the hurricane season and uncertainties about the health of Georgia’s oil supplies after its wrestling match with Russia.

Some good news? Housing sales were up 3.1% last month – way better than real estate analysts had expected and gasoline prices have fallen significantly (down to $3.40 a gallon in bucolic Bucks County,...