Strong results from Google, IBM lift tech stocks

AP News
Posted: Jan 23, 2013 11:53 AM

NEW YORK (AP) — Strong earnings from tech giants are nudging the stock market higher ahead of a planned vote in Congress to raise the country's borrowing limit.

The Dow Jones industrial average rose 62 points to 13,712 shortly before midday Wednesday. IBM led the Dow's 30 stocks, surging 5 percent.

The Standard & Poor's 500 index was down a point at 1,491. The Nasdaq composite rose 8 points to 3,151.

Google and IBM reported solid earnings, a hopeful sign for investors. Analysts had projected technology companies would post weak results in the fourth quarter.

House Republicans are expected to vote in the afternoon on a measure to lift the federal government's debt ceiling, giving it enough room to pay its bills for another three months.