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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Stocks pull back as investors worry about earnings By SARA LEPRO and TIM PARADIS,AP Business Writer AP - Wednesday, July 22 NEW YORK - Investors are putting the latest stock rally on hold as fears creep up again about the health of banks. ADVERTISEMENT Stocks gave up early gains they made in response to strong profits at industrial company Caterpillar Inc. and reassuring words from Federal Reserve Chairman Ben Bernanke. Weakness in regional banks tugged at the market after Regions Financial Corp. and Comerica Inc. posted second-quarter losses. Bernanke told Congress the Fed would be able to withdraw its economic stimulus and prevent a resurgence of inflation when the recovery is more secure. In testimony before the House Financial Services Committee he said the central bank won't be making any changes in its stimulus policy in the near future, and that its focus remains "fostering economic recovery." Some of the day's corporate news was good but wasn't able to support the entire market. Caterpillar joined other companies in issuing an improved 2009 profit forecast, even as it said its second-quarter profit fell 66 percent on weaker sales. The heavy equipment maker is considered a bellwether of the global economy so its forecast was particularly encouraging to investors. Its shares soared about 6 percent. Meanwhile, chemical maker DuPont Co. and drug company Merck & Co. reported drops in quarterly profit, but results still came in ahead of Wall Street's forecasts. Companies' reports have largely exceeded expectations so far this earnings season, fostering a renewed sense of optimism in the market and helping to drive the Dow Jones industrials back into the black for the year. But the regional banks' results reminded investors that the banking industry still faces many challeges as they try to recover from the credit crisis and the recession. In midday trading, the Dow fell 6.27, or 0.1 percent, to 8,841.88. The Standard & Poor's 500 index fell 5.04, or 0.5 percent, to 946.09. The Nasdaq composite index, which has a large representation of technology stocks, fell 12.37, or 0.7 percent, to 1,896.92 after chip maker Texas Instruments Inc. posted a sharp drop in profits after the end of trading Monday. That stirred some unease about the strength of other tech companies. About three stocks fell for every two that rose on the New York Stock Exchange, where volume came to 532.4 million shares compared with 457.5 million shares. Caterpillar jumped $2.28 to $38.95. Regions Financial fell 52 cents, or 12.9 percent, to $3.52 after it nearly tripled what it set aside for soured loans. Comerica reported a quarterly loss as it booked a charge to pay preferred dividends to the government under the Treasury Department's financial rescue program. Comerica slid $2.20, or 9.6 percent, to $20.62. Merck gained $1.56, or 5.6 percent, to $29.50, while DuPont fell 27 cents to $28.06. Texas Instruments fell 95 cents, or 4 percent, to $22.66. Other companies expected to report Tuesday include tech giants Yahoo Inc. and Apple Inc., as well as Starbucks Corp. On Monday, the Dow rose for the sixth straight day, gaining more than 100 points to finish at its highest level since January. The benchmark Standard & Poor's 500 index, meanwhile, climbed to its highest close since November. Stocks have charged higher since last week, when an upgrade on Goldman Sachs Group Inc. by an influential banking analyst stirred hopes that bank earnings would show an improvement in the health of the financial industry. Since then, major indexes are up about 8 percent, halting a monthlong slide in stocks that had been driven by fears the economy's recovery would not come as soon as hoped. Though the bar had been set fairly low for the second quarter, the numbers coming out in companies' financial reports have sent a clear signal that the recession is taking less of a toll on corporate America than it was just a few months ago. But even with the gains in stocks, investors still have major concerns about the economy. Unemployment remains at a 26-year high of 9.5 percent and the Fed predicts it will exceed 10 percent by year-end. The housing market remains weak in much of the country. Investors are also worried about the side-effects of the steps being used to help the economy endure the longest recession since World War II. The Fed has slashed interest rates to close to zero and injected large sums of money into the banking system to revive the flow of credit. While Bernanke and many analysts say that helped the recession from worsening, investors are worried that the flow of cheap money will weaken the value of the dollar and cause prices to rise. But the Fed doesn't want to increase borrowing costs by raising interest rates too soon and stifle the economy's recovery. Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.52 percent from 3.60 percent late Monday. The dollar was mixed against other major currencies, while gold prices rose. Oil prices rose 81 cents to $64.79 a barrel on the New York Mercantile Exchange. In other trading, the Russell 2000 index of smaller companies fell 5.90, or 1.1 percent, to 521.04. Overseas, Britain's FTSE 100 gained 0.9 percent, Germany's DAX index rose 1.3 percent, and France's CAC-40 rose 1 percent. Japan's Nikkei stock average jumped 2.7 percent. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: World Trial set for Army sergeant in 2 soldier slayingsAP - Wednesday, July 22 World markets look towards BernankeAP - Wednesday, July 22 Iraq PM flies to US to meet Obama, seek investmentAP - Wednesday, July 22 Ala. city plows beneath Indian site for Sam's ClubAP - Wednesday, July 22 Biden: US supports Ukraine's NATO bidAP - Wednesday, July 22 Most Popular – World Viewed Lost love letter reunites couple after 16 years Shark attack victims fight for their attackers Man who went to the moon and came back an artist Madonna visits family of dead Marseille stage hand Deutsche Bank in 'spying' probe: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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