STOCKS cruised through yesterday's session on Wall Street after an early jump on an encouraging profit report from IBM that helped restore some investor confidence about the computer sector's prospects.
IBM shares surged about 12 per cent, accounting for more than half of the blue chip barometer's advance. The technology laden Nasdaq composite index also drew a lift from IBM's report, breaking out of a steep, four session slump. The Nasdaq composite index rose 17.43 to 1059.80.
Other broad market measures posted strong gains, and advancing issues outnumbered decliners by a broad margin. The American Stock Exchange's market value index rose 3.59 to 532.59.
Advancing issues outnumbered decliners by a 13 to seven on the New York Stock Exchange, with 1,543 up, 821 down and 783 unchanged.
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