IBM rides market upswing to hit all-time high

(AP) -- IBM shares have hit an all-time high.

The stock rode a slight market upswing Monday, climbing as high as $139.88. That tops a previous high of $139.19 reached on July 13, 1999.

The rise comes after IBM shares spent much of this year going sideways as concerns about European government debt and a sluggish economic recovery in the U.S. weighed on markets.

That aside, IBM's rising share price reflects steadily climbing profits. And the company is well-known for shareholder friendly policies. It has established a regular habit of raising its dividend payout, which has tripled on a per-share basis since 2006. And it has committed more than $100 billion to buying back stock since 1995, a move that boosts the value of remaining shares.

©2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.