Stock rise after storm damage is less than feared

NEW YORK (AP) — U.S. stocks are rising after Tropical Storm Irene wound up being less severe than many analysts had anticipated. European stocks are also jumping after two Greek banks said they would combine to better weather that country's debt crisis.

Irene ripped through the East Coast and caused widespread flooding. Millions were still without power. However, a consulting firm predicted that insured damages would range between $2 billion and $3 billion, lower than initially estimated.

At midday, the Dow Jones industrial average is up 169 points, or 1.5 percent, at 11,454. The S&P 500 is up 21, or 1.8 percent, at 1,198. The Nasdaq is up 56, or 2.2 percent, at 2,536.