Wall Street Closes the Week Strong Following Positive Report on Residential Construction
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iStock/Thinkstock(NEW YORK) — Wall Street closed the week on a positive note with all three major indices posting significant gains on Friday, after a Commerce Department report indicated increases in construction on both single-family homes and apartments.
The Dow Jones Industrial Average closed at 16380.41, up 263.17 from where it started the day.
The Nasdaq gained 41.05 to a close of 4258.44, while the S&P 500 rose 24 to 1886.76.
A Commerce Department report released Friday showed that residential construction is up over the last year. However, slow economic growth and stagnant wages led to a 30 percent increase in apartment construction, compared to just 11 percent on single-family homes.
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