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Stocks finished the day much higher after positive earnings news from IBM helped lead the major market averages into the green. The Dow gained 172 points on the day, and the broader S&P 500 gained 15. The Nasdaq was the strongest of the major indices, heading higher today by 38 points.

Basic materials and technology stocks were the big story today, as those two sectors both charged higher.

In the basic material sector, it was once again the agriculture stocks that just jumped higher. Monsanto Company (NYSE:MON) gained 5.49% to hit a new 52 week high. The Mosaic Company (NYSE:MOS) surged 10.41% on double its normal volume and hit a new high. CF Industries (NYSE:CF) gained 6.44% and also hit a new 52 week high. Terra Industries (NYSE:TRA) and Potash (NYSE:POT) both hit new 52 week highs as well, climbing 7.6% and 7.88% respectively. The gains these agriculture stocks are showing for the last year or so are almost unfathomable, but that is what huge demand for agricultural products can do for these stocks. Also in the basic material space Freeport McMoran (NYSE:FCX) and United States Steel (NYSE:X) were strong, gaining 4.24% and 5.39% respectively.

As we mentioned earlier, the IBM news today was the real catalyst for the overall market, so its no surprise that tech stocks were very strong today. International Business Machines (NYSE:IBM) announced this morning that it expects 4th quarter earnings per share of $2.80, versus analysts estimates of $2.60 per share. IBM shares gained 5.39% on very strong volume today. Intel Corporation (Nasdaq:INTC) surged 4.96% on the back of the IBM profit surprise. VMware (NYSE:VMW) gained 6.08% on the day. Broadcom Corporation (Nasdaq:BRCM) gained 4.44% today. MEMC Electronic Materials (NYSE:WFR) gained 5.56% and Sunpower Corporation (Nasdaq:SPWR) gained 1.78% as solar plays showed some strength today.

Retail names topped the list of the few weak stocks today. Coach Inc. (NYSE:COH) lost 4.21% and Polo Ralph Lauren (NYSE:RL) lost 4.32% after they were both downgraded by Goldman on a weak economic outlook for high end retailers. Aeropostale (NYSE:ARO) was also hit by a downgrade today, falling 3.55% after a downgrade from Merrill Lynch.

Today was supposed to the quiet day of the week, with economic data and earnings reports ramping up beginning tomorrow, but IBM was able to create that catalyst that bulls have been looking for in recent weeks.