Last Updated: January 21st, 2009: 4:20 PM ET---After stumbling midmorning, the major US equity indices resumed their climb, posting significant gains on upbeat results from the tech sector and a rebound from the downtrodden financial sector. The Dow Jones Industrial average rallied 3.5%, with twenty-five of its thirty components ending in the green, and closing back above the 8,000 level. The S&P 500 rallied 4.4% and the tech-heavy Nasdaq outperformed both, surging 4.6%. Financials (14.6%) gave the broader market leadership following Tuesday's considerable selloff. The energy sector (+5.8%) sported solid gains as crude jumped more than 6%. The tech sector (5.6%) also provided leadership with buying power sparked by the previous day's unexpected optimism from IBM. Following the close Tuesday, IBM (NYSE:IBM) reported a fourth-quarter net income of $4.4 billion, or $3.28 per share, versus $3.95 billion, or $2.80 per share during the year-ago period and beating estimates of $3.03 per share. The N.Y.-based company also provided guidance for 2009 of $9.20 per share, trumping estimates by 45 cents. Swiss wireless company Ericsson (NASDAQ:ERIC) also reported earnings that beat estimates. United Technologies (NYSE:UTX) reported an 8% increase in its fourth-quarter results this morning, earning $1.15 billion, or $1.23 per share, up from $1.06 billion, or $1.08 per share during the year-ago period. The results, however, included a one-time gain of 6 cents per share, and on that basis the company's earnings missed estimates by 5 cents. For the year of 2008, United Technologies (NYSE:UTX) printed a profit of $4.69 billion, or $4.90 per share, matching estimates. The company reiterated its previously given guidance for 2009 of $4.65 to $5.15 on a per share basis. Analysts were expecting earnings of $4.78 per share for 2009. US Bancorp (NYSE:USB) reported its quarterly profit fell 65% to its lowest level since 2001, which the company said was due to investment writedowns and costs tied to propping up its credit reserves. Another major financial player BlackRock (NYSE:BLK) posted a considerable decline of 84% in its quarterly net income, earning $53 million, or 40 cents per share, down from $322.4 million, or $2.43 per share during the year-ago period. Three top execs at Citigroup (NYSE:C), Chief Executive Vikram Pandit, Chairman Win Bischoff and Chief Financial Officer Gary Crittenden have opted to decline incentive and retention rewards that Citi offered to top committee members. Throughout the session the Senate Finance Committee questioned Treasury Secretary-designate Timothy Geithner about his previous tax transgressions. Geithner held that he was simply "careless" but "unintentional" when he failed to pay $34,000 in Social Security and Medicare taxes in 2001 through 2004, and that he apologized for his transgressions. He also commented on the current crisis and how he will take on the economic issues, urging Congress to act quickly to "get credit flowing again." Sen. Grassley of Iowa, who was the senior Republican on the panel, made it known that as Treasury Secretary, Geithner would be responsible for the IRS. Toyota (NYSE:TM) officially surpassed General Motors (NYSE:GM) in total vehicles sold after the latter automaker printed its '08 car sales numbers, which came in at 8.356 million cars and trucks sold for the year, missing Toyota's 8.972 million by approximately 616,000 vehicles. The Dow Jones Industrial Average closed up 279 points to 8,228, the S&P 500 closed up 35 points to 840 and the Nasdaq Composite Index closed up 66 points to 1,507.

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