Despite a generally lackluster trading session, shares of International Business Machines Corp. (NYSE: IBM) managed to buck the trend, surging by 2.26% to reach $149.83 on Wednesday. This marked a second consecutive day of gains for the tech giant, even as major indices, including the S&P 500 and Dow Jones Industrial Average, recorded declines of 0.94% and 0.22%, respectively, settling at 4,402.20 and 34,440.88.
IBM’s closing price was a mere $3.38 short of its 52-week high of $153.21, a pinnacle it reached on December 13th of the previous year. In the face of an overall sluggish market performance, IBM managed to outperform some of its key competitors during Wednesday’s trading. Shares of Microsoft Corp (NASDAQ: MSFT) dipped by 2.40% to conclude at $320.77, while both classes of Alphabet (NASDAQ: GOOGL) Inc.’s shares witnessed a decline, with Class C decreasing by 3.05% to $134.59 and Class A sliding by 3.12% to $133.74.
Notably, IBM also saw robust 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.
