U.S. stocks closed higher Friday, shaking off losses following disappointing new-home sales data, but a big boost from news about Microsoft’s CEO failed to raise the Dow industrials for the week.
The Dow Jones industrial average rose 46.77 points, or 0.3 percent, to close at 15,010.51. But the index declined for a third consecutive week, its longest weekly losing streak since Nov. 16, 2012.
Blue chips had plenty of support from shares of Microsoft Corp., which closed up 7.3 percent at $34.75, the best performer on the Dow following news that CEO Steve Ballmer will retire within 12 months.
Both the Standard & Poor’s 500 index and the Nasdaq composite index, however, snapped their two-week losing streaks. The S&P 500 rose 6.54 points, or 0.4 percent, to close at 1,663.50 and log a 0.5 percent rise on the week.
The Nasdaq composite advanced 19.08 points, or 0.5 percent, to close at 3,657.79, for a weekly gain of 1.5 percent.
Earlier in the morning, stocks faced head winds from the release of new-home sales data, which was much weaker than expected.
Any future tapering of the Fed’s asset purchases remained unclear. Two Fed officials offered mixed comments in CNBC interviews from the Fed’s conference near Jackson Hole, Wyo., early Friday. Federal Reserve Bank of Atlanta President Dennis Lockhart backed a September taper with a caveat, while St. Louis Fed Bank President James Bullard said there’s no reason to hurry the taper.
