Real Estate
Pending Home Sales Rise 5.2%
Stocks in the homebuilder sector reacted quickly and most moved higher. The SPDR S&P Homebuilders(XHB), an exchange-traded fund that tracks the homebuilder sector, rose 1.8%. The iShares Dow Jones US Home Construction(ITB) gained 1.6%. NVR(NVR) rose 1.1%, PulteGroup(PHM) 1% and M.D.C. Holdings(MDC) 0.7%.
Ryland(RYL) bucked the trend, falling 0.8%. Hovnanian Enterprises(HOV) jumped 2.5%. The builder said early Wednesday it narrowed its quarterly losses even as signed sales contracts for newly built homes tumbled 37%. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: tips@thestreet.com.RELATED STORIES:
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
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107.26
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74.92 |
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1.85 |
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0.14 |
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1.74%
SPDR Gold
152.68
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-0.22%
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-0.80%
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