Insurance companies win on one hand because they will have to pay out less in damages than they had anticipated, but they also win because the media hype was enough to give them an opportunity to raise rates next year on all types of property insurance.

Most of the damage incurred during the hurricane was flood damage, and unless you leave very near to the coast, chances are you do not have flood insurance on your property. Experts have estimated that damages due to Hurricane Irene would be around $2 billion, which is far less than the $6 billion in damages that the area experienced when Hurricane Isabel hit back in 2003.

Here is how a few insurance companies fared on the day:

• Allstate (ALL): +$2.06 to $26.30, up 8.5%
• Aetna (AET): + $0.93 to $39.16, up 2.4%
• Progressive (PGR): +$0.65 to $18.89, up 3.6%

The DOW finished the day up 2.2%, the NASDAQ was up 3.3%, and the S&P 500 was up 2.8%

• Frontier Oil Corporation (FTO) : The stock hit a new 52 week high today of $29.47, and is currently trading up 3.2% to $29.47, up $0.91. Oil prices are up $0.65 a barrel today to $104.63.
• Verizon Communications (VZ) : The stock hit a new 52 week high today of $38.42, and is currently trading up 1.4% to $38.27, up $0.52. The telecom industry is up 1.1% on the day.
• AmerisourceBergen Corp. (ABC) : The stock hit a new 52 week high today of $39.74, and is currently trading up 0.6% to $39.64, up $0.26. The overall drug Wholesale Industry is up 0.3% on the day.

According to the Commerce Department, the economy grew at 3.1% during the fourth quarter, which is higher than analysts had been expecting to see. Going into today’s report analysts had been expecting to see revised GDP output of 3.0%.

Last month the Commerce Department made a preliminary forecast of 2.8% GDP growth during the fourth quarter.

Most analysts agree that GDP has continued to grow in the first quarter, but rising oil prices over the past month will probably prevent us from seeing the same sort of growth that the economy enjoyed during the fourth quarter.

A key ingredient to the current economic recovery is consumer spending. During the final 3 months of 2010 consumer spending rose 4.0%, which is the most it has risen during a 3 month period since the fourth quarter 2006.

In reaction to the news the DOW is currently up 0.3%, the NASDAQ has gained 0.3%, and the S&P is up 0.2%.

Here are a couple of the stocks that traded up to new highs today:

• Motorola (MOT) currently up 1.4% and hit new 52 week high of $9.05, currently trading at $9.01.
• Qualcomm (QCOM) currently up 1.0% to $49.94 and hit 52 week high of $49.98.
• Procter & Gamble (PG) hit a new 52 week high of $65.38 and is currently trading down 0.4% to $64.70.

• DuPont (DD) : DuPont is going to be reporting its first quarter numbers tomorrow. Analysts have forecast earnings of $1.06, verses $0.54 during the same period last year. The company will be announcing earnings before the market opens in the morning. The stock is trading down 0.9% today to $40.57.
• Xilinx (XLNX) : Xilinx is due to report fiscal fourth quarter numbers tomorrow, and analysts forecasts are for $0.45 per share. During the same period last year the company had earnings of $0.20 per share. The stock is trading down 1.4% today to $26.83. Earnings will be released after the market closes tomorrow.
• Sprint Nextel (S) : Sprint is expected to post a loss of $0.17 for its first quarter tomorrow before the market opens. During the same period last year the company had a loss of $0.21. The stock is trading down 0.8% today to $4.20.
• General Dynamics (GD) : General Dynamics will report its first quarter numbers tomorrow before the market opens, and Wall Street is expecting to see the company post $1.51 per share. During the same period last year the company had earnings of $1.54 per share. The stock is trading down 0.4% today to $78.33.

• Microsoft (MSFT) : Tech giant Microsoft set a new 52 week high today, trading up to $31.58 before closing the trading session down 1.4% on the day to $30.96, down $0.43. The company posted better than expected fiscal Q3 earnings last night following the market close.
• Apple Computer (AAPL) : Apple continues to trade strongly following better than expected earnings earlier this week. The stock hit a new all time high today of $272.18. The stock finished out the session up 1.6% to $270.83, up $4.36.
• Home Depot (HD) : Home improvement giant Home Depot set a new 52 week high today. The stock traded as high as $36.44 and closed the session just under its daily high at $36.39, up $0.67 or 1.9%. Home Depot will not be reporting its earnings until mid May.
• American Express (AXP) : Financial giant American Express set a new 52 week high today of $49.19. The stock closed the day up 2.7% at $48.05, up $1.28. The company posted better than expected earnings Thursday night, reporting $0.73 per share, verses analyst estimates for $0.63.

• Yahoo (YHOO) : Yahoo was upgraded this morning by EVA Dimensions, LLC to Hold from Underweight. The stock is trading up 0.7% following the upgrade to $17.58, up $0.13
• J. Crew Group, Inc. (JCG) : The stock was upgraded today by EVA Dimensions, LLC today to Overweight from Hold. The stock is trading up 2.0% to $47.83, up $0.96.
• McDonald’s Corp. (MCD) : McDonald’s was upgraded today by Credit Suisse to Outperform from Neutral. The stock is trading up 0.4% on the day to $70.62, up $0.26.

• Amazon.com Inc. (AMZN) : Following tomorrow’s market close, online auction giant Amazon is going to report its first quarter results. Analysts are forecasting earnings of $0.61 per share, verses $0.41 during the same period last year.
• American Express Co. (AXP) : American Express will report Q1 earnings tomorrow after the market close, and Wall Street analysts are looking to see earnings of $0.63 per share. During the same period last year the company had earnings of $0.32.
• Pepsico (PEP) : Pepsi is going to be reporting Q1 numbers tomorrow. Analysts are expecting to see the company post earnings of $0.75 per share, verses $0.71 during the same period last year. The company will report numbers before the market open.
• Capital One Financial (COF) : Capital One will be reporting its first quarter numbers tomorrow, and analysts are forecasting earnings of $0.57 per share, verses a loss of $0.45 during the same period last year. Capital One will be reporting its earnings before the market opens in the morning.

As we noted in our earnings preview for Apple, analysts had forecast earnings of $2.45 per share, and the company blew past those estimates with a reported $3.33.

Once again the company got a big boost from iPhone sales, with 8.7 million new iPhones sold during the quarter, more than double the amount of iPhones sold last year.

Looking ahead Apple expects to earn $2.28 to $2.39 per share for its current quarter.

Apple stock is up 5.6% on the day to $258.28, up $13.69 and hit a new all time high today at $260.25.

• Exxon Mobil (XOM) : Exxon was upgraded by Raymond James today to Outperform from Market Perform
• Dell Computer (DELL) : Dell was upgraded by Robert W. Baird & Co. to Outperform from Neutral
• Kroger (KR) : Kroger was upgraded by EVA Dimensions, LLC today to Buy from Overweight