After a day that saw the Dow Jones Industrial Average
What's driving today's move
Growing signs of life in the moribund American housing market increased investors' optimism. This helped drive cyclical stocks higher today. According to the Commerce Department, the number of housing starts requested by U.S. homebuilders has reached its highest point since 2008. The number of single-family homes under construction also increased in May.
Around the markets
Bank of America
Nipping at B of A's heels, shares of software powerhouse Microsoft
And while today's news certainly seems encouraging, Spain again saw a 2-percentage-point increase of its borrowing costs in a sale of short-term debt, a stark reminder that the European debt crisis should continue to loom large over markets in the weeks and months to come. As we've seen recently, this kind of uncertainty can create some highly compelling opportunities, especially in stable, dividend-paying blue chips, which have reached mouthwatering valuations. To learn about the three Dow stocks investors have to know about, just click here to grab your copy of the Fool's brand-new research report.
Andrew Tonner held no financial position in any of the companies mentioned in this article. You can find Andrew and all his Foolish writing on Twitter at @Andrew Tonner. The Motley Fool owns shares of Microsoft, Bank of America, and JPMorgan Chase. Motley Fool newsletter services have recommended buying shares of Microsoft. Motley Fool newsletter services have also recommended creating a bull call spread position in Microsoft. The Motley Fool has a disclosure policy.