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Byline: NANCY GONDO
Strong holiday sales data and better-than-expected economic news boosted NYSE stocks higher Monday on heavy post-holiday trading. The Dow Jones industrials rallied 1.2% and the S&P 500 1.1%, both to 18-month highs. The small-cap S&P 600 surged 1.4% to a new high.
Home builders were among the biggest gainers. U.S. construction spending jumped 0.9% in October, above views for 0.4%. Hovnanian Enterprises rose 3.35 to a new high of 95.60 on above-average volume. Of its 22-stock Building-Residential/Commercial group, the Red Bank, N.J.-based home builder tops all four stock ranking categories tracked by IBD's Stock Checkup.
Among other builders, Centex picked up 2.1 to 111.50, Standard Pacific 0.95 to 50.88 and Brookfield Homes 0.65 to 24.55, all new highs.
Chinese stocks extended Friday's gains. Brilliance China Automotive rose 6.36 to a new high of 50.85 on nearly triple average trade. The Chinese carmaker said its Brilliance Automotive joint venture with BMW and the Shenyang city government will be profitable next year, according to China Daily.
Aluminum Corp. of China gapped up 5.94 to a new high of ...