An early gain fades on Wall Street; Microsoft jumps after CEO says he will retire

NEW YORK, N.Y. – An early gain on Wall Street has faded at midday after the government reported that sales of new homes plunged.

The Dow Jones industrial average was up 13 points, or 0.1 per cent, at 14,977 at midday Friday. It was up 29 points earlier.

The Standard & Poor’s 500 index rose three points, or 0.2 per cent, to 1,660.

The Nasdaq composite rose nine points, or 0.2 per cent, to 3,647. Technical problems shut down the Nasdaq exchange for three hours on Thursday.

Microsoft jumped $1.71, or 5 per cent, to $34.10 after the company said Steve Ballmer would retire as CEO within the next 12 months.

Bond yields fell and the price of gold rose to a two-month high after the home sales report shook investors’ confidence in the housing recovery.

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