Stocks fluctuated in a narrow range in the early going Tuesday. Investors who had been expecting an increase in construction didn't panic in part because a sharp drop in apartment building offset a rebound in single-family construction.
The drop in housing starts and a record fall in permits for new projects also mean the housing market is likely to work through excess inventory that much quicker.
But the reports dashed some hopes that the housing market has hit bottom. Many analysts see a recovery in housing from its three-year slide as necessary before the economy can begin to rebound.
The Dow Jones industrial average fell 29.23 points, or 0.34 per cent, at 8,474.85. The Standard & Poor’s 500 Index lost 1.58 points, or 0.17 per cent, at 908.13. The Nasdaq Composite Index added 2.18 points, or 0.13 per cent, at 1,734.54.
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