WASHINGTON — President Obama's top economic adviser said yesterday he believes Congress will pass new oversight rules for the financial industry.

Lawrence Summers also said that the employment trend has turned, but cautioned that "to get back to the surface we've got a long way to go."

He also criticized Republicans who are holding up an extension of unemployment benefits, saying the economy still needs emergency action.

On the overhaul of the financial regulatory system, which Obama has said he wants to see passed in the Senate within two weeks, Summers said, "I expect that reform is going to pass."

He said he did not see how the measure could fail "given what we've been through" in the deepest recession in more than 50 years.

IPAD SALES MUCH BETTER THAN EXPECTED

LOS ANGELES — Huge crowds descended upon Apple stores over the weekend to buy the new iPad, which sold better than initial predictions.

Gene Munster, an analyst with Piper Jaffray, estimated first-day sales at 600,000 to 700,000 units. He had projected sales of 200,000 to 300,000 originally.

"The lines were much longer than we anticipated," he said. "The hype really helped Apple."

Apple stores open in New York said yesterday afternoon they were sold out of certain models, and in Los Angeles, a Mac Mall retail store had just two iPads left.