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The Journal Gazette

Friday, August 23, 2013 5:14 pm

Summary Box: Microsoft surges on CEO retirement

The Associated Press

RETIREMENT PARTY: Microsoft shares started the retirement party for CEO Steve Ballmer early. The software giant surged the most in more than four years after announcing that Ballmer would step down within the next 12 months.

NEW HOME SLUMP: Shares of major homebuilders including PulteGroup, Lennar and D.R. Horton slumped after the government reported that sales of new homes plunged in July. A recovery in the housing market has supported this year's rally in the stock market.

GOLDEN SURGE: Traders reacted to the drop in home sales by buying safer assets that typically do well when the economy weakens. Gold climbed close to $1,400, the highest in two months, and U.S. government bond prices rose, pushing the yield on the 10-year Treasury note down to 2.82 percent.