US stocks waver; IBM, other tech stocks rise
NEW YORK — Stocks on Wall Street are moving between small gains and losses in midday trading.
IBM and other technology companies are up after reporting strong earnings, but economic reports came in weaker than analysts had expected.
The Dow Jones industrial average is up 15 points at 12,924 shortly before noon.
IBM is the top stock in the Dow. The technology giant’s stock is surging 3 percent after the company posted a 6 percent jump in profits late Wednesday even as its revenue sank. It was the 38th consecutive quarter that IBM’s net income rose over the previous year.
The Standard & Poor’s 500 index is up four points to 1,376. Technology stocks are up more than the rest of the market, sending the Nasdaq composite index up 24 points to 2,966.
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