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IBM leads record Dow run
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April 22, 1999: 4:13 p.m. ET
Investors dive back into tech shares after Big Blue defeats profit forecasts
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NEW YORK (CNNfn) - A blockbuster earnings report from computing giant IBM revived investors' confidence in technology stocks Thursday, giving the broader stock market a dramatic push upward.
According to preliminary data, the Dow Jones industrial average closed up 142.04 points, or 1.3 percent, at 10.723.46, its second record finish in a row. Advances beat declines by a margin of 1,652 to 1,337 on the New York Stock Exchange on heavy volume of 913 million shares.
Shares of IBM led the advance, climbing 23, or 13 percent, to 194-7/8.
The technology-rich Nasdaq Composite got an even firmer push from IBM's earnings, soaring 72.71 points, slightly under 3 percent, to 2,561.79. The S&P 500 index leapt 20.44 to 1,356.56.
Bonds suffered while stocks soared as investors flooded out of the bond market to take advantage of stocks' higher rewards. The threat of increasing corporate competition also kept Treasury bonds on the run, leaving the benchmark 30-year Treasury bond down 1-4/32 points in price to yield 5.60 percent.
The dollar traded slightly lower against both the yen and the euro, doubling back from its overnight gains. 
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