IBM tugs Dow lower; S&P 500 up after rough week

AP News
Posted: Apr 19, 2013 1:03 PM
IBM tugs Dow lower; S&P 500 up after rough week

NEW YORK (AP) — A rare earnings miss for IBM is tugging the Dow Jones industrial average lower, while the rest of the market heads slightly higher after a turbulent week.

Quarterly earnings for the country's largest provider of computer services fell short of forecasts for the first time since 2005. IBM said delays in closing several software and mainframe computer deals hindered sales.

The Dow Jones industrial average was down 32 points to 14,504 at midday Friday, a slip of 0.2 percent. IBM, which posted results late Thursday, led the average lower, falling eight percent to $191.24.

Traders, like everyone else, were following the news out of Boston, where police were hunting for one of two brothers suspected in Monday's Boston Marathon bombings. The news had no impact on markets, traders said.