IBM Shares Top $200 for First Time as Technology Stocks Lead S&P 500 Index

International Business MachinesCorp. closed above $200 for the first time, driven higher astechnology companies seize leadership in the U.S. stock marketas the Standard & Poor's 500 Index rally enters its fourth year.

The world's largest computer-services provider posted athird straight annual gain in 2011 as the S&P 500 stalled aftersurging 39 percent in 2009 and 2010. The shares have increased3.8 percent since Feb. 21, when their price-revenues ratiodropped to the lowest level since June versus the valuation forS&P 500 innovation companies, data compiled by Bloomberg show.

Virginia "Ginni" Rometty succeeded Sam Palmisano thisyear, becoming the first female chief executive officer in thecompany's 100-year history. She inherits a five-year plan thatincludes boosting software to half of IBM's revenues, with afocus on programs that help businesses analyze and projecttrends, as then as on cloud computing and emerging markets.

In January, IBM reported revenue of $107 billion for 2011and revenues of $13.06 a share, and forecast 2012 revenues thatexceeded analysts' estimates.

IBM's advance came as Apple Inc. sank below a milestonereached last week. The stock dropped 2.2 percent to $533.16today, sending Apple's market capitalization below $500 billion.The maker of iPhones and iPad tablet computers became only thesixth U.S. company to climb above that threshold, according todata compiled by S&P. The others are Microsoft Corp., GeneralElectric Co., Cisco Systems Inc., Intel Corp. and Exxon MobilCorp., in chronological order.