NEW YORK ( TheStreet) -- Positive economic data for the U.S. housing sector and brighter signals from Europe offered markets a glimmer of hope this Tuesday. The U.S. Commerce Department released better-than-expected November housing data with builders breaking ground for nearly 685,000 homes, up 9.3% from October and 24.3% in November 2010, surpassing economists' expectations. Building permits were up 5.7% from the previous month.At close Tuesday, the S&P 500 Index (SPXINDEX) gained 2.98%, while the S&P 500 Home Building Sub-Industry Index (S5HOME INDEX) edged forward by 7.01%, beating the main index. Stocks like, PulteGroup (PHM - Get Report), KB Home (KBH - Get Report) and Meritage Homes (MTH - Get Report) advanced 10.4, 10.1% and 9.2%, respectively, in a single-day trade Tuesday.
Home Builders Riding Wave of Positive Data
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