Home Construction Builds Stocks Back Up (Bloomberg)
Following yesterday’s worst session in a month, stocks rebounded today, led by a better-than-expected rise in the pace of home construction. “When you have sharp sell-offs, you have a lot of buyers on the sidelines waiting for that weakness,” James Paulsen, the Minneapolis-based chief investment strategist at Wells Capital Management, said. “Certainly the housing numbers calmed a fair number of fears. People feel secure after a 1 percent sell-off and want to go long into the weekend.”
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