Business

More woe for IBM weighs on Dow Jones

NYSE trader Image copyright Getty Images

Poor quarterly results at IBM turned the company into the biggest loser on the Dow Jones on Wednesday.

The stock sagged almost 5% after IBM reported a bigger-than-expected 2.6% fall in revenue for the three months to March.

It was the 20th consecutive quarter that revenues for "Big Blue" had declined.

The fall dragged the Dow Jones down 0.6% to 20,404 points at the close - its lowest level since February.

The broader S&P 500 also fell 0.2% to 2,338.1 points, but the tech-focused Nasdaq rose 0.2% to 5,863 points.

Twenty-First Century Fox fell 0.8% after Fox News severed its relationship with Bill O'Reilly, dumping America's most-watched cable news presenter after a flood of sexual harassment allegations and an advertiser boycott.

Morgan Stanley rose 1.9% after reporting a 75% rise in first-quarter profits on strong trading results.