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May 17, 2008 12:51:09 AM CDT

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Stocks Surge on IBM Buyback  

Posted Feb 26, 08 3:40 PM CST in Business    Most Covered

(newser) – A $15 million buyback by IBM plus today's good retail news and higher commodity prices set off a third straight day of stock market gains. IBM sparked a tech rally, including big gains by Intel and Microsoft, the Wall Street Journal reports. The Dow gained 114.7 to close at 12,684.92, the Nasdaq 17.51 to 2,344.99, and the S&P 500 9.49 to 1,381.29.

"It is showing that IBM believes its stock is a good value at this price and is confident it is going to have the cash flow to perform this buyback,'' a strategist told Bloomberg. Stocks had fallen earlier in the session on gloomy news from the Labor Department and the Conference Board on producer prices and consumer confidence.

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

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Strategist: "You get to the point where you price in enough bad news and you get to have an opposite day"
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Stocks Surge on IBM Buyback
The bull is back!   ((c) lemoncat1)
Stocks Surge on IBM Buyback
The IBM booth is shown at the National Retail Federation convention in New York in this January 15, 2008 file photo. Wall Street reversed earlier losses and rallied Tuesday after IBM approved a $15 billion...   (Associated Press)
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