U.S. stocks closed little changed, with the Standard & Poor’s 500 Index slipping from a record, after data showing housing starts surged to a seven-year high bolstered speculation the Federal Reserve may raise interest rates this year.
The Standard & Poor’s 500 Index declined 0.1 percent to 2,127.87 at 4 p.m. in New York, snapping a three-session string of all-time highs. The Dow Jones Industrial Average rose 0.1 percent to a record for a second day. The Nasdaq Composite Index lost 0.2 percent.
A report today showed new residential construction surged in April to the highest level since November 2007, while more permits, a proxy for future construction, were issued than at any time since June 2008.
Source : Bloomberg