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D.R. HORTON, HOMEBUILDERS GAIN AFTER UPBEAT FORECAST
Shares of homebuilders are higher on Thursday and bucking the broader trend in the market, with D.R. Horton Inc DHI.N up 1.2% after the company raised its forecast for full-year revenue.
Lennar LEN.N is up 1.1% and Toll Brothers TOL.N is up 0.2%.
The Philadelphia Housing Index .HGX is up 0.5%, while an exchange-traded fund of homebuilders XHB.P is up 0.3%.
Builders are benefiting from a tight supply of existing homes as homeowners are less willing to sell in a higher rate environment.
Eyes are on earnings this week as the first-quarter season gathers steam and as outside of earnings investors search for clues on the outlook for when the Federal Reserve might begin cutting rates.
(Caroline Valetkevitch)
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