D.R. Horton News
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U.S. stocks fell, ending four days of records for the Standard & Poor’s 500 Index, amid disappointing economic data and after a Federal Reserve official said the central bank may slow the pace of stimulus as early as this summer.
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Kenneth Heebner, who once ranked as America’s No. 1 stock picker, took new positions in Goldman Sachs Group Inc. and Hertz Global Holdings Inc., while selling out of Bank of America Corp. and Herbalife Ltd.
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Investors seeking single-family homes to rent are buying land and newly-built properties as foreclosures dwindle and existing home prices in the U.S. rise at their fastest pace since 2006.
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D.R. Horton Inc., the largest U.S. homebuilder by volume, rose to a six-year high after reporting that fiscal second-quarter profit more than doubled as climbing demand and prices fuel a housing-construction recovery.
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Residential real-estate prices increased in February by the most since May 2006, showing the U.S. housing market is strengthening.
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U.S. stocks rose for the week, with the Standard & Poor’s 500 Index rebounding from the biggest drop since November, as companies beat earnings estimates amid speculation central bank stimulus will continue.
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Stocks rallied amid growth in U.S. home sales, better-than-forecast earnings and speculation the European Central Bank will cut interest rates. U.S. equities recovered after briefly erasing gains following a false report of explosions at the White House.
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Most U.S. stocks fell, with the Standard & Poor’s 500 Index paring a weekly gain, after data showed the world’s largest economy grew less than economists forecast amid disappointing earnings reports.
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A gauge of U.S. corporate credit risk dropped for a third straight day as new-home sales rose, boosting confidence that improvement in the housing market can be sustained.
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Paul Laney landed a job two months ago as a home inspector in Woodstock, Georgia, as the city added staff to oversee a growing residential construction industry. “I am really ecstatic about it,” said Laney, 52, who closed his own contracting business in 2007.
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