Stocks held modest gains

 IBM led gainers on the Dow. Big Blue reported quarterly earnings that beat analyst expectations and issued upbeat guidance. Shares were up nearly 4%.  The advance came despite a rash of disappointing economic reports. Investors were encouraged by some better-than-expected corporate results. Of the 77 S&P 500 companies that have reported earnings through Wednesday, 48 have topped forecasts. However, the outlook for profits in the second half of the year is murky. After the market closed, Google reported stronger-than-expected quarterly profits, although sales growth was below forecast. Microsoft reported a quarterly loss, reflecting a $6.2 billion charge related to its online business.