"While builders are still very cautious at this time, there is a sense that many local housing markets have started to move in the right direction"
- Barry Rutenberg, chairman of the NAHB
Homebuilder sentiment remained unchanged in March from February, said the National Association of Home Builders on Monday. The NAHB/Wells Fargo Housing Market index stayed at 28, the highest level since June 2007.
"While builders are still very cautious at this time, there is a sense that many local housing markets have started to move in the right direction and that prospects for future sales are improving," said Barry Rutenberg, chairman of the NAHB.
U.S. stocks closed higher on Monday.
The Standard & Poor's 500 gained 0.4%, or 5.58 points, to 1,409.75. The Dow Jones Industrial Average grew by 0.05%, or 6.51 points, to 13,239.13. The Nasdaq Composite Index surged by 0.75%, or 23.06 points, to 3,078.32.
"We haven't come out of the box this strong in a long time, so it wouldn't surprise me to see a period of consolidation in stocks," said James Dunigan, who helps oversee $107 billion as chief investment officer in Philadelphia for PNC Wealth Management.
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