Techs Ride On Thin Hopes
With the recent news that IBM (NYSE: IBM) the technology bellwether, increased its earnings projections for the coming year by a nickel, from $8.20 per share to $8.25, along with the announcement that it had authorized $15 billion for share buybacks, the stock and the markets responded positively. Despite no other good news, this was enough to bring the Dow up 114 points on Tuesday, while the S&P rose 9.49 in accord with the Dow. The tech-heavy Nasdaq was also up 17.51. This all happened despite a jump in the producer price index of 1%, led by energy and prescription…