Dow Jones News: Microsoft Stock Has Upside; IBM Signs $1 Billion Deal Ahead of Earnings

Another day, another rally for the Dow Jones Industrial Average (DJINDICES: ^DJI). The Dow was up 0.64% at 1:50 p.m. EST, bringing the index closer to the 30,000 mark.

Both Microsoft (NASDAQ: MSFT) and International Business Machines (NYSE: IBM) participated in the rally. Shares of Microsoft were up following an analyst price target bump, and IBM jumped after signing a $1 billion hybrid cloud deal.

While Wells Fargo analyst Philip Winslow sees sluggish growth for the IT industry as a whole, software will be a bright spot. Winslow expects software spending to grow at a 10.2% annual rate through 2023, providing a positive backdrop for many software companies, especially those focused on the cloud and cybersecurity.

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Source Fool.com