Tech stocks were particularly heavily hit by Monday?s drop in the US stock markets. But they made a strong comeback on Tuesday.
IBM?s announcement that it was planning to buy back $3.5 billion of its own shares, did a lot to restore confidence in the market, according to the Wall Street Journal. IBM?s announcement was unrelated to Monday's drop in share prices, the company claimed.
Early in 1995, the company bought back approximately $16 billion of its common stock, and spent $2.4 billion on buybacks between April and September.
But Monday?s announcement - and reports that IBM was actively engaged in buying back shares on Tuesday - came at the right time to spark a comeback for high-technology stocks.
IBM?s share price shot up to recuperate all of Monday?s losses. After having closed at $90 on Monday, it went up to just under $100 on Tuesday to close at $99.38. Other high-tech companies like Compaq, Dell and Hewlett-Packard bounced back.
Boris the robot outed as man in rented robot suit
Mission will provide vital data about the performance of rocket, spacecraft, autonomous docking system and the landing system
The flight will take off from California's Mojave Air and Space Port and could happen as soon as 13th December
Earth was showered with heavy particles called muons, which could have caused mutations and cancer in animals