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US stocks move higher; IBM disappoints

By KEN SWEET

AP Business Writer NEW YORK (AP) - U.S. stocks moved higher Monday in midday trading following a turbulent week. The market's gains were partly held back by IBM, which slid after reporting results that missed investor expectations.

KEEPING SCORE: The Dow Jones industrial average lost 30 points, or 0.2 percent, to 16,351 as of 12:05 p.m. Eastern. The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,895 and the Nasdaq composite was up 33 points, or 0.8 percent, to 4,291.

BIG BLUE'S RED DAY: IBM was the main reason the Dow was down Monday. IBM fell $12.40, or 7 percent, to $169.63 after the company reported earnings that missed Wall Street's expectations. The company also missed on revenue and warned that it may not meet its profit goals for the foreseeable future. IBM was the biggest decliner in both the Dow and in the S&P 500.

RELATIVE CALM: The quiet trading on Wall Street came after a wild ride last week, when the Dow moved between triple-digit losses and triple-digit gains. Investors remain concerned that economic weakness in Europe could spread to the U.S.

BUSY WEEK: This is one of the busiest weeks for company earnings. A total of 130 companies in the S&P 500 index will report quarterly results this week, including big names like American Express, Cola-Cola and AT&T. Apple, which will release its earnings report after the stock market closes, rose $1.69, or 1.7 percent, to $99.37.

ENERGY: One symptom of the concerns over the global economy has been the sharp fall in oil prices in recent weeks. U.S. benchmark crude fell 20 cents to $81.88 a barrel in New York. Brent crude fell 62 cents to $85.56 a barrel.

JAPANESE RALLY: Japan's Nikkei had its biggest rally of the year Monday, gaining 4 percent. The rally comes after a report that the Government Pension Fund will increase its holdings of Japanese stocks to 25 percent from 12 percent. South Korea's Kospi was up 1.6 percent at 1,930.06 and Hong Kong's Hang Seng added 0.2 percent to 23,070.26.

BONDS: U.S. government bond prices didn't move much. The yield on the 10-year Treasury note held steady at 2.19 percent.

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