US STOCKS-S&P, Nasdaq climb but IBM results weigh on Dow

lunes 20 de octubre de 2014 15:15 GYT

* IBM slumps after quarterly results

* Apple gains, earnings due after the close

* Dow down 0.09 pct, S&P up 0.68 pct, Nasdaq up 1.07 pct (Updates prices)

By Yasmeen Abutaleb

NEW YORK, Oct 20 (Reuters) - U.S. stocks were mixed on Monday as the S&P 500 and Nasdaq advanced, but disappointing results from IBM kept the Dow close to the unchanged mark.

IBM shares slumped 7.3 percent to $168.80 as the biggest drag on both the Dow and S&P 500 after third-quarter earnings fell well short of Wall Street expectations. IBM abandoned its 2015 operating earnings target and said it would pay Globalfoundries $1.5 billion over three years to take its loss-making semiconductor unit.

But earnings reports that exceeded analyst expectations, including Halliburton and Gannett Co., helped lift major indexes and ease the concerns over global growth and falling commodity prices that have gripped markets.

"Some of the concerns of last week have subsided," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

"The more people just focus on the fundamental values and earnings and revenues and less on headlines, the more stocks have an opportunity to move higher."   Continuación...