Keep in mind, we are still not in the clear: unemployment is at record levels and building permits, a sign of future construction, fell to a record low last month, indicating a slump in proposed construction of multi-family units.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all dropped nearly 2% in morning trading.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.
Kevin Grewal contributed to this article.
