NEW YORK (AP) IBM has given Wall Street a reprieve from bad news and investors have responded by giving stocks a big rebound from their Inauguration Day plunge.
A recovery in financial shares and gains by technology stocks have pulled the market sharply higher. Earnings reports and forecasts from PNC Financial Services Group Inc. and Bank of New York Mellon eased concerns that the troubles at financial giants like Citigroup Inc. were hitting all banks.
A better-than-expected 2009 forecast from IBM Corp. left technology shares looking like relatively safe bargains.
The Dow Jones industrial average is ending up 279 at the 8,228 level. Broader indexes are up more than 4 percent.
Sunday
May 19th, 2024
1:54AM
