Weather & Natural Disasters

These stocks are rallying amid Hurricane Joaquin worries

A customer shops for hurricane supplies at Home Depot as he prepares for the possible arrival of Hurricane Irene on August 22, 2011 in West Palm Beach, Florida.
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Despite fears over the strengthening Hurricane Joaquin, some storm-related stocks are seeing a healthy pop Wednesday.

Home supply, generators, water treatment and roofing material stocks were trading higher on Wednesday. Meanwhile, most property insurers and reinsurer stocks were in the red.

Share of Home Depot were up almost 2 percent on Wednesday. Generac Power Systems was up almost 8 percent and Flowserve up almost 1.5 percent. Shares of Owens Corning, a glassworks company, were up over 3 percent.

Weather analysts forecast that Hurricane Joaquin could hit the New York City area early next week, potentially following the destructive course of Hurricane Sandy in 2012.

Joaquin strengthened into a hurricane early Wednesday as it moves toward the Bahamas. Over the next few days, the U.S. National Hurricane Center predicted the storm would turn toward the U.S. East Coast and briefly strengthen into a Category 2 hurricane with winds reaching 110 miles per hour (95 kilometers per hour).

Although the track is still uncertain, the NHC said the storm could land anywhere from North Carolina to New York early next week with the center of the storm track pointing toward the New York metro area.

—Reuters contributed to this report.