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The Honolulu Advertiser
Posted on: Wednesday, July 22, 2009

Profit reports extend Wall Street rally


Associated Press

NEW YORK — The stock market managed to extend its weeklong rally even as it struggled with more worries about the banking industry.

Major market indexes seesawed through much of yesterday's trading and ended with gains of less than 1 percent. Better-than-expected results from companies including Caterpillar Inc. spurred shares generally higher, although financial stocks slid on reports of losses at several regional banks.

Investors also digested a mixed report from Federal Reserve Chairman Ben Bernanke, who restated the Fed's view that the economy is still on track to recover this year.