IBM shares rise despite sluggish market performance

  • Stock Market News
IBM shares rise despite sluggish market performance
Credit: © Reuters.

Shares of International Business Machines Corp. (NYSE: IBM ) managed to defy a generally disappointing trading session, climbing by 2.26% to reach $149.83 on Wednesday. This came as a second successive day of gains for the tech giant, even as major indices such as the S&P 500 and Dow Jones Industrial Average recorded declines of 0.94% and 0.22%, settling at 4,402.20 and 34,440.88, respectively.

IBM 's closing price was just $3.38 short of its 52-week high of $153.21, a peak it reached on December 13th last year. Despite the overall sluggish market performance, IBM managed to outperform some of its key competitors on Wednesday. Shares of Microsoft Corp (NASDAQ: MSFT ). dipped by 2.40% to end at $320.77, while both classes of Alphabet (NASDAQ: GOOGL ) Inc.'s shares witnessed a drop with Class C decreasing by 3.05% to $134.59, and Class A sliding by 3.12% to $133.74.

In addition to its price performance, IBM also saw notable trading volume during Wednesday's session with approximately 9.6 million shares changing hands. This figure is more than double its average volume over the past 50 days, which stands at around 4 million shares.

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