Housing starts and building permits both unexpectedly fell to record lows in April. Housing starts fell 13% in April to a seasonally adjusted annual rate of 458,000. Economists had been expecting a rise of nearly 2% in the index to a level of 520,000.
Building permits, the more forward-looking indicator of future home construction, declined 3% to an annual rate of 494,000, the lowest level since records started in 1960. Permits had been expected to increase 3% to an annual rate of 530,000.
More from Bloomberg...
The Dow Jones Industrial Average lost 29 points (0.3%) to close at 8,475, the S&P 500 Index fell 1 point (0.2%) to 908, and the Nasdaq Composite increased 2 points (0.1%) to 1,734. Crude oil climbed $0.62 to $59.65 per barrel, and gold rose $7.45 to $925.70 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
