Markets closed in record territory once again on Tuesday, aided by the fact that Americans are buying new homes.
The Dow Jones Industrial Average soared over 250 points higher while the S&P 500 rose 1% and the Nasdaq composite gained 0.3% all boosted, in part, by housing data.
On Monday, the Commerce Department said that sales of new-U.S. single-family homes spiked in October to their highest level in 10-years as high demand across the country powers sales.
New home sales rose 6.2% to a seasonally adjusted annual rate of 685,000. That represents the highest level since October 2007 and followed September's slightly downwardly revised sales pace of 645,000 units.
October marks the third-straight month that new home sales have seen a boost. And as a result, several stocks have been sent higher on the data, namely those associated with homebuilding and renovation.
Shares of the SPDR S&P Homebuilders ETF (XHB) , a fund tracking equities in the housing sector, surged Tuesday to close almost 2% higher.
Shares of the home construction company Lennar (LEN) closed up over 1.3% on Tuesday to reach a new 52-week high.
Home improvement giant Home Depot's (HD) stock hit a new 52-week high Tuesday, closing higher over 1.3%, and USG Corp. (USG) , a manufacturer, and distributor of building materials, also hit a fresh 52-week high finishing up over 3%.
Stanley Black & Decker (SWK) , the manufacturer of industrial tools and household hardware, also reached a new 52-week high, closing Tuesday nearly 2% higher, as did construction equipment manufacturer Deere (DE) .
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