NEW YORK — Investors bruised by Wall Street's latest rout found little reason to pile back into the market.

Stocks extended their losses to a fifth straight day yesterday as investors wrestled with the reality that the economy is still far from recovery. The pessimism that has dominated the markets for months stifled some tentative bargain hunting and in the process unraveled several attempts at a rally.

Yesterday's fluctuations came as Federal Reserve Chairman Ben Bernanke told Congress an economic recovery depends on the government's ability to stabilize weak financial markets. He said the efforts were needed to avoid "a prolonged episode of economic stagnation."