Housing Slump Can’t Keep Techs Down

Stocks rose in pre-holiday trade Friday despite a bigger than expected decline in existing home sales that left no doubt that the housing market remains mired in a year-long slump.

Technology shares led the rebound after leading the way lower on Thursday, with the Nasdaq up half a percent in midday trade.

SourceFource , formerly VA Software, jumped on news of a name change.

RF Micro climbed on a Jefferies & Co. upgrade.

Agilysys , Aruba Networks , Verigy and VimpelCom all gained on their results.

GSI plunged on a warning. Other earnings decliners included Peerless and Mentor Graphics .

In midday trade, the Nasdaq was up 12 to 2549, the S&P 500 rose 4 to 1511, and the Dow gained 30 to 13,471. Volume was light and breadth was positive.

News Around the Web