Why Opendoor Technologies Stock Crushed the Market Today
Investors were very open to Opendoor Technologies (NASDAQ: OPEN) on Tuesday. The next-generation real estate company's share price enjoyed a 2% bump on the day, while the S&P 500 index slumped by nearly 0.5%. Some highly encouraging statistics from the U.S. housing market were behind the stock's lift.
Government data released Tuesday morning revealed that housing starts in this country rose to 1.63 million at an annual rate in May. That was a very juicy 22% leap over the May figure and well above the numbers estimated by most economists tracking the metric.
Annualized housing starts are a measure of how many dwellings would be built in the coming year if the monthly level of new constructions were projected over a 12-month period. They are a key indicator of the health of the U.S. housing market.
Source Fool.com
