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FRIDAY, NOVEMBER 27, 2009
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 MARKET OPEN 
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IBM Gives Stock Market Hope

At least in tech

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(Newser) – Stocks bounced back at the open this morning, as tech sector hope outpaced financial sector gloom. The Dow climbed 126 points, while the Nasdaq and S&P jumped 2% and 1.7% respectively. IBM was the star of the show, after posting a 12% surge in fourth-quarter profits and an upbeat 2009 outlook. Its shares jumped more than 8%. United Technologies likewise had a fine quarter, with its 8% profit jump beating estimates by a penny.

Financial earnings, on the other hand, were less cheery, with BlackRock’s income plunging 84%, and US Bancorp’s earnings down 65%. Northern Trust and Hudson City Bancorp, meanwhile, managed largely positive quarters. Yesterday the financial sector as a whole skidded 17% amidst the Dow’s worst Inauguration Day ever.

Traders watch the inaugural speech of President Barack Obama on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.
Traders watch the inaugural speech of President Barack Obama on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.
Traders work on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.
Traders work on the floor of the New York Stock Exchange Tuesday, Jan. 20, 2009.   (AP Photo/Richard Drew)
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