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Tech, bank stocks lift S&P, Nasdaq; IBM holds back Dow


By Yashaswini SwamynathanREUTERS - Gains in technology and financial stocks propped up the S&P 500 and the Nasdaq on Wednesday, while a slump in IBM held back the Dow.The advance in financials was underpinned by a 2.6 percent rise in Morgan Stanley, which reported a surge in quarterly profit. Shares of other big U.S. banks rose in tandem.Morgan Stanley's solid results provided some succor to investors stung by weak results at chief rival Goldman Sachs a day earlier.IBM sank nearly 5 percent to $161.61 after the company reported a bigger-than-expected decline in revenue for the first time in ...

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First Published: Wed, April 19 2017. 22:26 IST