: Homebuilder sector bucks the stock market’s selloff after new home sales data rise well above expectations


The homebuilder sector edged higher Tuesday, to buck the selloff in the broader stock market, after data on new home sales came in well above expectations. The iShares U.S. Home Construction exchange-traded fund ITB inched up less than 0.1% toward a 15-month high in morning trading, reversing an earlier intraday loss of as much as 0.2%, even as the S&P 500 SPX shed 0.7%. Among the ETF’s more active homebuilders, shares of PulteGroup Inc. PHM climbed 2.0%, Toll Brothers Inc. TOL tacked on 0.4% and Lennar Corp. LEN rose 0.1%, while D.R. Horton Inc. DHI slipped 0.4%. PulteGroup’s stock also got a boost from better-than-expected…

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe Moneyist: The cable guy introduced my 90-year-old stepmother to a new ‘friend,’ and she’s gotten fleeced. Am I legally responsible if she ends up destitute?
Next articleU.S. consumer confidence falls to a nine-month low amid recession worries


Please enter your comment!
Please enter your name here