Stocks edge up after mixed reports

The Dow Jones industrial average rose 17.15, or 0.2 per cent, to close on Friday at 9,171.61

Stocks edged higher on Wall Street amid mixed reports about the US economy and corporate earnings.

According to preliminary calculations, the Dow Jones industrial average rose 15.27, or 0.2%, to close on Monday at 9,108.51.

The broader Standard & Poor's 500 index rose 2.92, or 0.3%, to 982.18, while the Nasdaq composite index rose 1.93, or 0.1%, to 1,967.89.

Poor earnings news from Verizon Communications, Aetna and Corning kept the market's gains in check, adding another pause to a powerful rally which has sent major indicators rocketing 11% in just two weeks.

Stocks are steady in part because many investors are not retreating for fear of missing another rally. Even earlier this month, when a spring rally was still stalled, investors likely would have looked to the news out Monday as reason to sell.

RadioShack reported higher second-quarter earnings that beat forecasts, but mainly from cost-cutting - a theme that has become familiar this earnings season and has left many investors disappointed.

On the plus side, a government report showed new home sales posted the fastest increase in June in more than eight years as buyers jumped on reduced prices, low interest rates and a federal tax credit for first-time homeowners. That sent stocks of home builders surging.

Analysts said the small moves were a good sign for the market. Brian F. Reynolds, chief market strategist at WJB Capital Group, said investors were surprised by the strength of corporate earnings reports in the past two weeks and are adjusting their outlooks.

"After a run of any direction stocks take a little break and people kind of catch their breath," he said.

"I think that's especially true now because people were caught off guard. I think so many people were so bearish."