Housing starts for June fell more than expected, by 5.0%, to an annual rate of 549,000 units, and May was downwardly revised to 578,000, and compared to economists’ expectations, which called for starts to come in at 577,000. The decline in housing starts came as single-family construction fell 0.7%.
Building permits rose more than expected, increasing 2.1% in June, to an annual rate of 586,000, while May was unrevised at a decline of 5.9% to 574,000. The expectation was for permits to be 575,000 units.
The Dow Jones Industrial Average rose 76 points (0.7%) to close at 10,230, the S&P 500 Index added 12 points (1.1%) to finish at 1,083, and the Nasdaq Composite gained 24 points (1.1%) to 2,222. Crude oil rose $0.90 to $77.44 per barrel, while the Bloomberg gold spot price increased $9.00 to $1,191.95 per ounce.
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