Wall Street shook off a profit and revenue warning from IBM today, bouncing back from a sharp early drop as investors regained their confidence about a business turnaround.

Wall Street held on to its gains yesterday, rising modestly even as investors pondered what direction to take after the surge in stock prices this week.

Boosted by some healthier-than-expected earnings reports, Wall Street surged higher today, carrying the Dow Jones industrials and other market indexes to levels last seen before the September 11 terrorist attacks.