Owens Corning Inc., the largest U.S. maker of insulation, rose the most in eight months in New York after posting first-quarter profit and sales that topped analysts’ estimates and increasing its earnings forecast.
U.S. stocks rose, rebounding from the biggest drop since February, as higher-than-estimated earnings and the Federal Reserve’s pledge to keep interest rates at a record low overshadowed a downgrade of Spain’s debt rating.
Companies that faced the biggest pension deficits ever last year are narrowing the gap at a record pace as gains in assets and a rise in corporate bond yields in March trimmed liabilities last quarter.
Building-supply stocks such as USG Corp., in which Warren Buffett holds a 16 percent stake, and Eagle Materials Inc. that more than doubled last year are poised to rise further as the U.S. housing market extends its recovery.
U.S. homebuilder shares are appreciating at a record rate this year, reflecting confidence the housing rebound from a six-year slump can accelerate with new-home sales still 50 percent below the 40-year average.