IBM sparks technology rebound on Wall Street
( dpa ) - Technology shares led a rally Monday on the US stock market after IBM Corp, the world's biggest computer-services firm, reported quarterly earnings that beat Wall Street expectations.
"The IBM news is a welcome relief to a market that's under pressure," Mark Bronzo, a money manager at Security Global Investors, told the Bloomberg financial news agency. "Hopefully, IBM sets the tone that we're going to hear from a lot of other companies, that earnings are going to be OK."
The blue-chip Dow Jones Industrial Average leapt 171.85 points, or 1.36 per cent, to 12,778.15. The broader Standard & Poor's 500 Index gained 15.23 points, or 1.09 per cent, to 1,416.25. The technology- heavy Nasdaq Composite Index soared 38.36 points, or 1.57 per cent, to 2,478.3.
The US currency slipped to 67.263 euro cents in New York from 67.68 euro cents on Friday. The dollar fell against the Japanese currency to 108.94 yen from 109.36 yen on Friday.
Gold was up 8 dollars in New York to 905.70 dollars per fine ounce.