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Homebuilder stocks in broad rally to records after big jump in housing starts data

Tomi Kilgore
·1 min read
Homebuilder stocks in broad rally to records after big jump in housing starts data
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The homebuilder sector enjoyed a unanimous rally toward a record Friday, after data showing that new-home construction in March surged more than expected. the SPDR S&P Homebuilders ETF rallied 1.6% toward a record close, with all 35 equity components gaining ground. Among the more active homebuilders, shares of Toll Brothers Inc. climbed 1.9% and D.R. Horton Inc. hiked up 2.3%, both into record territory, while Lennar Corp. advanced 1.0%, in range of its April 9 record close of $105.52. Also in the homebuilders ETF, shares of Home Depot Inc. rallied 1.3% and Lowe's Companies jumped 1.5%, both toward record closes. The homebuilders ETF has run up 29.6% year to date, while the S&P 500 has gained 11.2%. Housing starts in March rose 19% from February to a seasonally adjusted annual rate of 1.74 million, topping expectations of 1.62 million.