Housing Stocks Jump On Upbeat New Home Sales Data

(RTTNews) - Benefiting from the release of upbeat new home sales data, housing stocks are seeing substantial strength in afternoon trading on Tuesday.

Reflecting the strength in the housing sector, the Philadelphia Housing Sector Index has surged up by 2.8 percent to its best intraday level in almost a month.

The strength among housing stocks comes after a Commerce Department report said new home sales jumped by 16.6 percent in April to their highest rate in over eight years.

Within the housing sector, Toll Brothers (TOL) is posting a particularly strong gain after reporting better than expected second quarter results.