Shares of tech behemoth International Business Machines Corp. (IBM) surged 5.21% in Friday's intraday trading session, fueled by the company's strategic expansion and its significant contribution to the broader market rally.
IBM's stock performance stood out as one of the key drivers behind the Dow Jones Industrial Average's 114-point gain on Friday. The blue-chip index's rally was propelled by IBM's shares climbing $10.31, or 4.2%, along with a 3.5% increase in Verizon Communications Inc.'s stock.
The tech giant's robust stock performance can be attributed to its recent decision to expand its footprint in New York City's prime office market. Earlier this year, IBM inked a 15-year lease to occupy an additional 92,663 square feet at One Madison Avenue, bringing its total occupied space in the building to approximately 362,092 square feet.
This strategic move not only solidifies IBM's commitment to a key business hub but also reflects its confidence in the long-term growth prospects of its operations. The expanded office space is expected to accommodate the company's evolving business needs and support its future growth initiatives.
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