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Strong results from Google, IBM lift tech stocks

7:14 AM, Jan 24, 2013   |    comments
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NEW YORK (AP) - Strong earnings from tech giants have nudged the stock market to a five-year high.

Google and IBM reported surprisingly solid fourth-quarter earnings late Tuesday, a hopeful sign for investors who expected tech companies to struggle at the end of last year.

The Dow Jones industrial average rose 67 points to close at 13,779 on Wednesday. That's the highest level since Oct. 31, 2007, a month before the Great Recession started. But without the boost it got from IBM, the Dow would have closed flat.

The Standard & Poor's 500 index edged up two points to 1,494. The Nasdaq composite rose 10 points to 3,153.

Investors were also encouraged by the fact that the House of Representatives voted to let the government keep paying its bills for another four months, delaying the threat of a disastrous default by the U.S. government on its debt.

 

 

 

 

 

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