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The Honolulu Advertiser
Posted on: Friday, August 14, 2009

Summer rally keeps rolling


Associated Press

NEW YORK — Focused on an economic recovery, investors shook off disappointing news and kept Wall Street's summer rally going.

Investors sent stocks higher for a second day in a row yesterday, giving all the major indexes a moderate boost and adding to the gains that followed upbeat comments from the Federal Reserve a day earlier.

Financial, technology and energy companies were among the big winners, while stocks in defensive, or relatively safer, industries like health care fell. Retailers declined after a worse-than-expected report on retail sales.

Meanwhile, Treasury prices rose after the government had a successful auction of 30-year bonds. The Treasury Department issued a total of $75 billion of debt this week as part of its ongoing efforts to fund the government's stimulus programs, and investors were relieved that the market was able to absorb such a huge supply.