IBM Report Lifts Dow, Tech Stocks: Gains Widest Since Last week's Sell-Offs
NEW YORK, July 25ÛÓAn encouraging profit report by IBM helped jump-start the technology sector and the rest at the stock market today, spurring the broadest advance since last week's tumble.</br></br>The Dow Jones industrial average rose 67.32 points, to 5422.01, with more .than half of the blue-chip barometer's advance coming from IBM.</br></br>HIM's profit report also helped the technology-laden Nasdaq market break out of a steep, four-session slump. Other broad market measures posted strong gams, and advancing issues out-iBimfered declining ones 13 to 7 on the New York Stock Exchange as trading volume fell to 405.4 mOlirni shares from 463 million Wednesday.</br></br>IBM has a psychological aura," said Robert Froehlich, chief investment strategist at Van Kampen American Capital in Oakbrook Terrace, 111. "A good, move by IBM gives a psychological hit to the marketÛ</br></br>As expected, IBM reported a decline in second-quarter earnings as sales growth slowed due to lower chip prices ffld unfavorable currency exchange ra-thos. Ikrt excluding the impact of foreign eatenge market gyrations, IBMÛªs sales grew faster than expected, and its profit was sdQ slightly higher than expected.