Shares of home builders were broadly higher Tuesday, with a number of them trading in record territory, after data showing a strong and surprising increase in the construction of new homes. The iShares U.S. Home Construction exchange-traded fund ITB climbed 0.8% toward a 17-month high in midday trading, with 36 of 48 equity components gaining ground. That bucked the selloff in the broader stock market, as the S&P 500 SPX shed 0.4%.
Shares of home builders were broadly higher Tuesday, with a number of them trading in record territory, after data showing a strong and surprising increase in the construction of new homes. The iShares U.S. Home Construction exchange-traded fund ITB climbed 0.8% toward a 17-month high in midday trading, with 36 of 48 equity components gaining ground. That bucked the selloff in the broader stock market, as the S&P 500 SPX shed 0.4%.