The New York Times and The Wall Street Journal reported on their websites that IBM will likely pay between $9 and $10 per share for Sun Microsystems Inc. Earlier discussions involved a price of about $10 to $11 per share.
Wall Street closed up higher on Tuesday, following in the wake of strong showings on European markets. The Dow Jones and Nasdaq rose 1.16% and 1.78% respectively, while the S&P 500 index recorded its best month since October 2002.
Asian stocks jumped on Wednesday, after US banking giant Citigroup unveiled better-than-expected results. Japanese share prices rose nearly four percent in early trade while Wall Street soared six percent overnight.
US stocks dropped sharply with investors remaining wary over the future of the US economy even as President Barack Obama signed a $787 billion stimulus bill into law. The Dow Jones Industrial Average fell 3.79% in the day's trading.
US stocks tumbled at Tuesday's open as investors remained sceptical that government prescriptions could cure the teetering economy. The benchmark Dow Jones Industrial Average plunged 258.62 points (3.29 percent) in early trading.
Though the Dow Jones gained 1.25% when Wall Street closed its last session of 2008, the New York stock market ended the year with a loss of 33.84%, its worst performance since 1931 and the Great Depression.
Despite a turbulent day on world markets due to uncertainty over the future of the US auto industry, Wall Street closed higher as the White House vowed to come to Detroit's rescue following the Senate's rejection of a bailout plan.