Home Construction Rises; Confidence Builds in the Market
Wall Street secured more positive ground today as investors gained confidence in the global market that’s been, to say the least, a wild and frightening ride. The Commerce Department today reported a better-than-expected increase in new home construction, news that acted as both a safety net and catalyst for the U.S. stock market. According to the Commerce Dept., construction of new homes and apartments hiked 22.2 percent to an annual rate of 538,000, far surpassing economists’ forecasts of a pace of 450,000 units, which was influenced on January’s pace of 477,000. Though the report fanned the flames of the current…