Sector Snap: Homebuilder shares rise

Sector Snap: Homebuilder shares rise as 10-year Treasury note falls

Associated Press

Shares of homebuilders rose Friday on hopes that mortgage rates could fall and spur home buying.

The yield on the 10-year Treasury note, which mortgage rates follow, fell to 2.87 percent Friday from 2.97 late Thursday after the Labor Department reported the weakest month of hiring in three years. Employers added 74,000 jobs in December after averaging 214,000 in the previous four months.

Lower rates makes homes more affordable to consumers.

Here's how homebuilder stocks fared in trading Friday afternoon:

— Beazer Homes USA Inc.: Up 28 cents, or 1.2 percent, to $23.14.

— D.R. Horton Inc.: Up 57 cents, or 2.6 percent, $22.32.

— Hovnanian Enterprises Inc.: Up 8 cents, or 1.3 percent, to $6.28.

— KB Home: Up 60 cents, or 3.4 percent, to $18.48

— Lennar Corp.: Up $1.01, or 2.6 percent, to $39.43.

— M.D.C. Holdings Inc.: Up 33 cents, or 1 percent, to $31.68.

— PulteGroup Inc.: Up 43 cents, or 2.1 percent, to $20.21.

— Ryland Group Inc.: Up $1.01, or 2.4 percent, to $43.52.

— Standard Pacific Corp.: Up 15 cents, or 1.7 percent, to $8.92.

— Toll Brothers Inc.: Up 98 cents, or 2.7 percent, to $37.

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