The Dow fell 9.77 points, or 0.03% to 29,286.27. The S&P 500 advanced 0.03% to end the day at 3,321.7. The Nasdaq Composite closed 0.14% higher at 9,383.77. Strong earnings from IBM sparked a rally in tech stocks, which lifted the S&P 500 and Nasdaq to record highs.
IBM posted a profit of $4.71 per share on revenue of $21.77 billion. Analysts polls by Refinitiv expected earnings per share of $4.69 on revenue of $21.64 billion. This propelled not only a jump in the stock, but also gains in the broader tech sector. IBM added to what has already been a strong start to the earnings season. However, some investors worry the market may be overly optimistic over the prospect of further gains. If euphoria takes over the market, it could eventually lead to a steep downturn.