Wall Street pares gains after home sales data

Pending home sales dropped to a seven-month low in April, a trade group said, dealing a blow to hopes of a recovery in the housing market.

The Dow Jones industrial average was up 32.39 points, or 0.26 percent, at 12,435.15. The Standard & Poor's 500 Index was up 4.12 points, or 0.31 percent, at 1,329.81. The Nasdaq Composite Index was up 7.05 points, or 0.25 percent, at 2,789.97.

(Reporting by Angela Moon, Editing by Kenneth Barry)