Russell 2000 stays positive

The Russell 2000 (NYSE: IWM) has trimmed some of its earlier gains but is still comfortably in positive territory. At 1: 31 p.m. ET, the small-cap index had climbed 2.94 points, or 0.42%, to 707.59. The Dow Jones Industrial Average (INDU) was up 122.75 points, or 0.97%, to 12,729.05.

Trading got off to a good start on news that International Business Machines Corp. (NYSE: IBM), the largest information technology company in the world, reported better-than-expected preliminary quarterly results.

The Armonk, New York-based company said that it expects earnings from continuing operations for the quarter ended Dec. 31 to be $2.80 per share, above Wall Street’s consensus estimate of $2.60 per share.

The better-than-expected result is partially attributed to the weak U.S. dollar, which makes IBM’s overseas profit seem larger.

One greenback is currently worth 0.6722 euros, the currency used by 15 countries in the 27-member European Union. The dollar began the day at a level just above 0.675 euros.

The U.S. dollar has been losing ground for months. In March 2007, it was at a level of around 0.75 euros.

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