Wall Street extended its rally to a second session today as investors brushed aside mixed signals on inflation a day after the Federal Reserve said it was concerned about rising prices.

Upbeat earnings and a broker’s upgrade of General Motors drove stocks higher in the United States today as the latest round of data assured investors that the economy remains in good shape.

Solid employment data renewed Wall Street’s inflation worries and sent stocks skidding today, with a bond sell-off overshadowing a fresh drop in oil prices.