Housing starts beat, aimless trading reigns

The market has steadied itself after yesterdays losses in a morning of aimless trading. It seems consolidation is the current game plan with no clear direction being indicated for the day.

The Commerce Department reported that builders started construction at a seasonally adjusted annual rate of 1.957 million units last month, an increase of 5 percent from the April construction pace. The better-than-expected increase came after declines of 5.5 percent in April, 7.5 percent in March and 5.9 percent in February.

Continued political tension over Iran's nuclear arms program lifted oil prices following yesterday's dive. A barrel of light crude added 52 cents to $69.50 on the NYME.