Markets experienced a pullback Wednesday after the Federal Reserve announced it would cut back further on stimulus measures. The Dow Jones declined 0.70 percent, while the S&P 500 and Nasdaq dropped 0.61 percent and 0.59 percent, respectively. Beginning in April, the Fed will cut back bond purchases to $55 billion a month from $65.0 billion. Homebuilders continued to rally after the Commerce Department reported housing starts declined for the third consecutive month in February, but a spike in building permits shed some positive light on the U.S. housing market. The number of building permits issued jumped 7.7 percent to a seasonally adjusted 1.018 million units in February, which was significantly higher than the 1.6 percent analysts had expected.
Lennar Corporation (NYSE: LEN) shares traded in the range of $41.15 to $42.72 Wednesday before settling to close at $41.34, an increase of 1.82 percent. The stock appears to be facing some resistance at $44.37 with some support at the $40.77 and $37.38 levels. Shares of Lennar have gained approximately 5.0 percent year-to-date.
More information on Lennar and access to the free equity report can be found at:
www.WallStreetFundamentals.com/LEN
PulteGroup, Inc. (NYSE: PHM) shares traded in the range of $19.41 to $20.32 Wednesday before settling to close at $19.61, an increase of 0.67 percent. The stock appears to be facing some resistance at the $20.14 and $21.32 levels with some support at $19.14 and $18.71. Shares of PulteGroup have fallen approximately 4.0 percent year-to-date.
More information on PulteGroup and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PHM
Standard Pacific Corp. (NYSE: SPF) shares traded in the range of $8.77 to $9.19 Wednesday before settling to close at $8.84, an increase of 0.57 percent. The stock appears to be facing some resistance at the $8.85 and $9.05 levels with some support at $8.76 and $8.67. Shares of Standard Pacific have fallen approximately 2.0 percent year-to-date.
More information on Standard Pacific and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SPF
Toll Brothers Inc. (NYSE: TOL) shares traded in the range of $36.25 to $38.26 Wednesday before settling to close at $36.49, a decrease of 0.11 percent. The stock appears to be facing some resistance at the $36.85 and $37.43 levels with some support at $35.65 and $34.99. Shares of Toll Brothers have fallen approximately 1.5 percent year-to-date.
More information on Toll Brothers and access to the free equity report can be found at:
www.WallStreetFundamentals.com/TOL
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