Stocks Finish Higher; Facebook Shares Close Above $40
(NEW YORK) — U.S. stocks recovered Friday from an early stumble after a report that new home sales plunged 13 percent in July to the lowest level in three years due to rising mortgage rates.
The Dow Jones Industrial Average rose 46.77 points to close at 15,010.51. The S&P 500 jumped 6.54 points, while the Nasdaq Composite added 19.08 points one day after being shut down for three hours due to a technical glitch.
Microsoft shares advanced almost 8 percent after CEO Steve Ballmer announced he will retire in 12 months. He has worked at the company for 33 years.
Facebook’s stock comeback continued Friday. Though shares of the social networking company fell into the teens last fall, its stock is now solidly above its IPO price, closing at $40.55 a share.
Facebook’s stock has doubled in the last year and since the start of 2013 it’s up 50 percent.
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