Market Rises as IBM Plunges in Turbulent Day
New York stocks closed mixed as IBM tumbled to a yearly low after an adverse ruling in the Telex antitrust suit, while the Dow rose 6.63 points to 882.49 on higher volume. Telex jumped after a federal court treble damages order while Mohawk Data Sciences advanced on the peripheries beat.
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Market Rally Hopes Rise Despite 26 Point TBM Plunge
The market staged a tentative rebound with many stocks absorbing early losses after a 26 point TBM drop erased 3.79 billion in share value. Analysts see lingering high rates but note strong liquidity and sector gains in oil, electronics, banks, and computer groups led by notable movers. Disney and Polaroid among others drifted while IBM lagged.
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