US stocks move mostly higher; IBM disappoints

Staff Writer
Columbus CEO

NEW YORK (AP) — U.S. stocks are mostly higher, but the gains were held back by IBM, which slid after reporting results that fell short of what investors were looking for.

The Dow Jones industrial average fell 34 points, or 0.2 percent, to 16,347 as of 11:50 a.m. Eastern time Monday. If not for the 7 percent decline in IBM the Dow would be higher.

Broader market indexes rose.

The Standard & Poor's 500 gained eight points, or 0.4 percent, to 1,895. The Nasdaq rose 28 points, or 0.7 percent, to 4,287.

Sears rose 12 percent after saying it would raise cash and had signed a leasing deal with the European fashion retailer Primark.

CSX fell 3 percent after Canadian Pacific Railway said it had ended talks with the company about a possible combination.