GLOBAL MARKETS-U.S. stocks, dollar trim gains as housing data disappoints
* U.S. stocks surrender most gains after new home sales data * U.S. dollar index gives up gains NEW YORK, Aug 23 (Reuters) - U.S. stocks and the dollar were mostly lower in early New York trade on Friday after a government report showed sales of new single-family homes in America fell sharply in July to their lowest level in nine months, casting a shadow over the country's housing recovery. . The report raised doubts about the timing and extent of cuts to the Federal Reserve's stimulus program. "This has been a very unique market situation with the Fed stimulus being such an important component to the market rally. This is uncharted waters for us," said Gordon Charlop, managing director at Rosenblatt Securities in New York. "So regardless of what the move is, the fact you are someplace you haven't been before is cause for uncertainty." The next Fed monetary policy meeting is scheduled for Sept. 17-18. The Dow Jones industrial average was down 27.80 points, or 0.19 percent, at 14,935.94. The Standard & Poor's 500 Index was down 1.78 points, or 0.11 percent, at 1,655.18. The Nasdaq Composite Index was up 5.97 points, or 0.16 percent, at 3,644.68. The dollar surrendered gains against a basket of currencies on Friday, after earlier climbing to a three-week peak versus the yen, helped by the rise in U.S. bond yields this week on expectations the Fed will reduce its asset-buying program next month.