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Stocks rallied on Monday as the prospect of further rate cuts, and IBM's strong earnings, provided a ray of sunshine for investors. The Dow jumped +171.93, the S&P 500 closed up +15.22, and the Nasdaq Composite rallied +38.36.
International Business Machines (IBM | Quote | Chart | News | PowerRating) moved higher 5.4% after reporting strong preliminary Q4 results (read more). The company said fourth-quarter earnings rose 24% from a year ago, helped by international orders and the weak dollar.
Sears (SHLS | Quote | Chart | News | PowerRating) fell 5% after lowering its Q4 outlook (read more).
Harman International Industries (HAR | Quote | Chart | News | PowerRating) plunged 37.4% after revising its 2008 earnings guidance.
Gold and platinum hit record highs as the U.S. dollar neared record low territory versus the euro. A number of other commodities continued to climb due to dollar weakness.
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