Wall St led higher by banks and insurers

NEW YORK (Reuters) - Stocks rallied on Monday as a merger between two big banks in Greece suggested Europe was working through its financial problems, while a rebound in consumer spending calmed fears of a new recession.
Insurance company shares were higher after property damage from Hurricane Irene was less than feared, according to early estimates.
Travelers Cos Inc rose 4.7 percent to $50.59, while Allstate Corp  jumped 7 percent to $25.93.
Wall Street was also relieved that hurricane damage in New York City, especially in lower Manhattan, was not as bad as expected. The New York Stock Exchange and the Nasdaq opened on schedule.
But trading volume was light at about 1.9 billion shares by late morning as many Wall Street workers were stuck at home with commuter rail and bus lines not operating. The New York City subway system slowly returned to service early Monday after a systemwide shutdown.
Financial stocks were the top gainers after Greece's Alpha  and EFG Eurobank  banks sealed a megamerger that is expected to trigger more deals to shore up the sector battered by a severe debt crisis and recession.