STOCKS CLIMB, IBM TUMBLES: Here's What You Need To Know

REUTERSWorld chess champion Garry Kasparov studies the board shortly before game two of the match against the IBM supercomputer Deep Blue (R), May 4, 1996.

It was another one of those days where the Dow Jones Industrial Average did one thing and the rest of the market did another.

First, the scoreboard:

• Dow: 16,395.7 (-18.7, -0.1%)
• S&P 500: 1,846.3 (+2.5, +0.1%)
• Nasdaq: 4,244.6 (+18.9, +0.4%)

And now the top stories:

• There wasn't any major U.S. economic data released today.
• IBM, one of the most heavily weighted stocks in the Dow Jones Industrial Average, hacked around 30 points from the 30-stock index. It was the entire reason why the Dow ended in the red.
• Despite beating analysts' expectations for earnings, IBM worried investors when it said revenue fell 5% to 27.7 billion. Analysts were looking for $28.2 billion. "We continued to drive strong results across much of our portfolio and again grew earnings per share in 2013," said CEO Ginni Rometty. "While we made solid progress in businesses that are powering our future, in view of the company's overall full year results, my senior team and I have recommended that we forgo our personal annual incentive payments for 2013."
• Particularly concerning for IBM was revenue in its so-called growth markets. From their earnings announcement: "Revenues from the company's growth markets decreased 5 percent (down 2 percent, adjusting for currency), and represents 23 percent of IBM's total geographic revenue. Revenues in the BRIC countries - Brazil, Russia, India and China - decreased 8 percent (down 6 percent, adjusting for currency). "
  
• Ray Dalio, the secretive hedge fund manager of Bridgewater Associates, spoke to CNBC today from the World Economic Forum in Davos, Switzerland. He characterized the U.S. economy as going through its "boring years."
  
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