Friday, August 23, 2013 5:14 pm
Summary Box: Microsoft surges on CEO retirement
The Associated Press
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.