The Dow Jones Industrial Average closed at a new all-time high Wednesday, but the index did it without IBM
, which got hit by multiple downgrades on weak U.S. sales and services bookings despite better than expected results.
also weighed on the tech sector, tumbling 12% after missing estimates. Intel
fared better, gaining about 2% on results that weren’t as bad as feared.
shares gained despite issuing a weak outlook.
fell on their results, but Linear Tech
jumped on their earnings reports.
lost 6% on bankruptcy concerns.
After the close, eBay
shares gained 4% after the online auction king beat estimates and raised current quarter and full-year guidance. Skype and PayPal sales were also better than expected.
The Nasdaq lost 6 to 2510, the S&P 500 gained 1 to 1472, and the Dow rose 30 to 12,803. Volume rose to 2.94 billion shares on the NYSE, and 2.12 billion on the Nasdaq. Declining issues led by an 18-14 margin on the NYSE, and 18-12 on the Nasdaq. Downside volume was 52% on the NYSE, and 51% on the Nasdaq. New highs-new lows were 226-16 on the NYSE, and 129-46 on the Nasdaq.