Tuesday, May 19, 2009
Investors are reining in their optimism about an economic rebound after housing construction tumbled to a record low in April.
Stocks are fluctuating in light trading Tuesday following the surprise drop in housing construction and a cautious outlook from leading home improvement store Home Depot Inc.
The Commerce Department reported that construction of homes and apartments fell 12.8% last month to the lowest pace on records going back a half-century. Analysts had expected housing starts to rise.
At midday, the Dow is up 20 at 8,524. The Standard & Poor's 500 index is up 3 at 913, and the Nasdaq composite index is up 1 at 1,734.