BY NOEL RANDEWICH
Wall Street ended sharply higher on Monday after China moved to stimulate its slowing economy while investors bought up technology stocks on cautious optimism on upcoming earnings reports.
In the second industry-wide cut in two months, China’s central bank on Sunday reduced the amount of cash that banks must hold as reserves in a move to help spur lending and combat slowing economic growth.
A 2.28 percent rise in Apple Inc shares led the U.S. market higher, along with a 3.42 percent jump in IBM.
After the bell, IBM reported its 12th straight drop in quarterly revenue as it shed unprofitable businesses to focus on cloud-computing. The earnings exceeded low expectations, and IBM’s shares edged down 0.17 percent in extended trade.
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