Data on housing starts helped spur an early stock market rally, with the Dow rising about 250 points in morning trading.
Construction of new U.S. homes rose to its highest annualized rate since April 2010, new government data shows. The number of new homes rose 9.3% in November to a seasonally adjusted rate of 685,000. That’s still well below the 1.5-million historical average rate, analysts noted.
In addition, investors showed more willingness to buy a new allotment of Spanish bonds than many had expected, and yields were not extraordinarily high. That’s put some pep in the stocks of financial companies, which have increasingly risen and fallen based on the machinations of Euro Zone leaders and fluctuations in European debt markets.
Bank of America (BAC), which briefly fell below $5 per share yesterday for the first time in more than two years, was back up to $5.15 this morning.
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