While most market segments are seeing subdued movement, housing stocks are showing notable strength in late morning trading on Monday. The move comes despite a lack of any first-tier economic data, although new and existing home sales reports are due out later in the week.
The strength among housing stocks is reflected by the 1 percent gain being show by the Philadelphia Housing Sector Index, which reached its best intraday level in six and a half months earlier in the session. KB Home (KBH) is turning in one of the housing sector's best performances, advancing by 4.3 percent. The stock also reached a six and a half month intraday high.
Lennar (LEN) and D.R. Horton (DHI) are also posting strong gains, rising by 3.5 percent and 2.2 percent, respectively. Lennar has set a six and a half month intraday high, while DR Horton has reached a monthly intraday high.
Ryland Group (RYL), Toll Brothers (TOL) and PulteGroup (PHM) are also markedly higher, further contributing to the strength in the sector.
On the other hand, weakness is visible among shares of Vulcan Materials (VMC), Radian Group Inc. (RDN) and Fidelity National Financial (FNF). Notably, Vulcan Materials is down by 1.2 percent, falling further from a five-month closing high set earlier this month.
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