U.S. utilities post gains despite economic crisis

Despite the economic crisis, major utility companies in the United States - including American Electric Power Co, Dominion Resources and Constellation Energy Group - on Friday reported second quarter earnings that surpassed Wall Street expectations.

Chevron's earnings plunge 71 pct

Chevron Corporation reported earnings of $1.75 billion or 87 cents per share in the second quarter, a decline of 71 percent compared to $5.98 billion or $2.90 per share in the same quarter a year ago. A decline in oil and gas prices and lower demand for fuel due to the poor economy hurt profit at the second largest U.S. oil company.

Cash for Clunkers gets $2 billion more

The U.S. Congress approved an additional $2 billion for the Cash for Clunkers program after car sales topped the limit of 250,000 vehicles in just a few weeks. The funds will come from a loan program from the Department of Energy allocated within the stimulus package.