WEEK IN REVIEW
Stocks gained ground in light trading, as investors weighed disappointing housing-market data against the possibility that the Federal Reserve may delay paring stimulus measures.
Strength in the technology sector and a drop in Treasury yields helped underpin the gains.
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Meanwhile, the technical issues that on Thursday triggered a halt in all Nasdaq Stock Market-listed stocks for most of the afternoon remained a topic of conversation but had little or no lingering effect on the market Friday, traders said.
The Dow Jones Industrial Average tacked on 37 points, or 0.3%, to 15001 in recent trading.
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The S&P 500-stock index was up five points, or 0.3%, at 1662, and the technology-friendly Nasdaq Composite Index gained 17 points, or 0.5%, to 3655.
The Dow remained on track for a third-straight weekly loss, the longest such stretch since November 2012. The S&P 500 and Nasdaq were set to post weekly gains.
Dow component Microsoft rallied after the technology giant said its longtime Chief Executive Steve Ballmer will retire within 12 months. The stock is up 28% so far this year, about double the Dow's gain, but has underperformed the broader market by a wide margin since Mr. Ballmer was named CEO in January 2000.
New-home sales for July dropped to a seasonally adjusted annualized rate of 394,000, down from a revised June rate of 455,000, and well below expectations of 490,000.
Treasury yields pulled back from two-year highs after the data, with the 10-year note slipping to 2.818%. On Thursday, the yield reached 2.936% in intraday trading, the highest since July 2011, amid fears that reduced stimulus from the Federal Reserve was imminent, before pulling back to settle at 2.901%.
The dollar lost ground after the housing data, pulling back from early gains to a three-week high against the yen. Gold and oil prices climbed.
A technical glitch froze all trading in Nasdaq securities for three hours Thursday afternoon. Nasdaq officials internally pointed to a "connectivity" problem with rival NYSE Arca, according to people familiar with the matter, that led to price quotes not being reported.
Nasdaq OMX shares advanced 1.2% after shedding 3.4% on Thursday.
Also helping distract investors from the Nasdaq's issues, electronic-exchange group BATS Global Markets is in advanced discussions to merge with rival stock-exchange company Direct Edge Holdings, according to people close to the talks. If a merger is realized, the combined companies would unseat Nasdaq OMX as the second-largest U.S. stock-exchange operator by volume.
European markets rose, with the Stoxx Europe 600 closing up 0.4%. Data showed Germany's second-quarter gross domestic product grew 0.7%, while the U.K.'s GDP growth was revised upward to 0.7%, versus expectations of 0.6%.
Asian markets were mostly higher, led by a 2.2% surge in Japan's Nikkei Stock Average as a weakening yen helped fuel exporters' shares. Meanwhile, China's Shanghai Composite slipped 0.5%.
August gold futures climbed 1.8% to settle at $1,395.70 a troy ounce, the level since June 6. October crude-oil futures rose 1.3% to $106.39 a barrel.
