US STOCKS-U.S. stocks end higher despite drag from IBM

lunes 20 de octubre de 2014 17:05 GYT

* IBM slumps after quarterly results

* Apple gains after hours on strong iPhone sales

* Dow up 0.12 pct, S&P up 0.91 pct, Nasdaq up 1.35 pct (Adds market close, volume, Apple stock price)

By Yasmeen Abutaleb

NEW YORK, Oct 20 (Reuters) - U.S. stocks ended higher on Monday on investor hopes for a strong earnings season, but IBM's disappointing results limited gains.

Earnings reports from Halliburton, Gannett Co , and others, helped ease the worries over global growth and falling commodity prices that last week helped drive stocks close to correction territory.

"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."

IBM shares slumped 7.1 percent to $169.10, 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.   Continuación...