Shares of homebuilders Pulte Homes (PHM) and Toll Brothers (TOL) have gapped higher this morning after the National Association of Realtors reported sales of existing homes rose by an annualized 5.35 million units March, up from the 5.01 million rate in February and above analysts’ projections of 5.25 million homes.
This news has helped pare losses for the broader market, with the Dow Industrials now down just 61 points at 11,064, after taking an early tumble to 11,016 at market open. The S&P 500 is 9 points at 1,197.34 after falling as low as 1,190.18.
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