Big Blue pushes blue chips higher, while broader market lags

Because the stocks that make up the Dow Jones industrial average are weighted by price, IBM (IBM), its costliest constituent, can have a tidal pull on the gauge's performance. In other words, Big Blue is the biggest blue chip. And IBM's 4.32 percent gain, after reporting earnings that surpassed analysts' expectations last night, is largely responsible for the DJIA's outperforming the broader market today.

The Dow added 32 points, or 0.37 percent, to close at 8,744. The S&P 500, meanwhile, didn't fare as well, ending the day little changed. Bank of America (BAC) and General Electric (GE) both fell after their second-quarter earnings beat analysts' estimates but signaled underlying weakness.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.