Tuesday, July 21, 2009
Strong corporate earnings and reassuring words from Federal Reserve Chairman Ben Bernanke are helping stocks hold most of the gains from their latest rally.
Stocks are fluctuating in a narrow range Tuesday as Bernanke tells Congress the Fed will be able to withdraw its economic stimulus and prevent a resurgence of inflation when the recovery is more secure.
Good news has come from heavy equipment maker Caterpillar, which is raising its 2009 profit target. Stocks have surged in the past week on stronber corporate earnings and forecasts.
At midday, the Dow Jones industrials are up 27 at 8,875. The Standard & Poor's 500 index is down 1 at 950, while the Nasdaq composite index is down 6 at 1,903.