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The Journal Gazette

Friday, July 19, 2013 5:04 pm

News Summary: Technology slump holds back stocks

The Associated Press

TECH BLOT: A slump in technology stocks weighed on the market Friday after Microsoft and Google reported disappointing earnings. The Standard & Poor's 500 index managed to eke out another all-time high, but the Dow Jones industrial average and the Nasdaq composite fell.

FAILURE TO LAUNCH: Microsoft slumped the most in more than four years after it wrote down nearly $1 billion on its new tablet computer. The tech giant's stock fell $4.04, or 11 percent, to $31.40.

FALLING YIELDS, RISING STOCKS: The yield on the 10-year Treasury note edged down again, falling to 2.48 percent, after going as high as 2.74 percent early in the month. That helps support the housing market by keeping mortgage rates low.