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IBM Leads Stock Surge  

Posted Jan 14, 08 3:45 PM CST in Business    Most Covered

(newser) – Stocks surged today, propelled by hopes for an interest rate cut and expectation-busting fourth-quarter results from IBM. "The Fed has a very hard job right now, but I think the market is saying it thinks they are up to the task," a trading exec told the Wall Street Journal. The Dow jumped 171.85 to 12,778.15, the Nasdaq 38.36 to 2,478.30, and the S&P 500 15.23 to 1,416.25.

The dollar sank, and gold rose above $900 per ounce. Hopes for a rate cut derive from Fed chairman Ben Bernanke's comments last week that "substantive" action should be taken when the central bank next meets, at the end of the month. In response, the euro hit a new high against the dollar, topping $1.49.

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Editor Recommended

Strategist: IBM "a much-needed piece of good news in an otherwise dismal marketplace"
MarketWatch | Jan 14, 08

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IBM Leads Stock Surge
Gold bars are displayed at the Museum of American Finance in this Jan. 9, 2008 in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
IBM Leads Stock Surge
Traders gather at a post on the floor of the New York Stock Exchange Monday morning, Jan. 14, 2008. Wall Street advanced sharply Monday, with solid preliminary results from IBM encouraging investors to...   (Associated Press)
IBM Leads Stock Surge
Traders gather at a post on the floor of the New York Stock Exchange Monday morning Jan. 14, 2008. Wall Street advanced sharply Monday, with solid preliminary results from IBM encouraging investors to...   (Associated Press)
IBM Leads Stock Surge
The IBM logo at the main campus in Research Triangle Park, N.C. is seen in this July 31, 2007 file photo. Computer server and software maker IBM Corp. on Monday, Jan. 14, 2008 reported preliminary fourth-quarter...   (Associated Press)
IBM Leads Stock Surge
Offices of International Business Machines Corp. are shown in this Nov. 4, 2005 file photo, in New York. Wall Street advanced sharply Monday, with solid preliminary results from IBM encouraging investors...   (Associated Press)
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