The Commerce Department reported today that home construction dropped in March to a 17-year low, by 11.9%, reports Martin Crutsinger for the Associated Press. Building permits also fell last month.
With the, the iShares Dow Jones US Home Construction (ITB) and the SPDR S&P Homebuilders (XHB) shot up more than 4% midday. Both funds are up year-to-date, too: ITB is up 14.5%, while XHB is up 12.5%.
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