In a development credited to improved sentiment about the U.S. housing industry, shares of Owens Corning gained 21 percent in trading on the New York Stock Exchange yesterday.
The stock of the Toledo producer of building materials and fiber-glass rose $2.37 to $13.48 a share. It was the biggest percentage increase since the firm emerged from Chapter 11 protection in 2006.
The jump came the same day the National Association of Home Builders/Wells Fargo index of builder confidence rose to 14 from 9 the prior month. It was the biggest jump in six years. Still, a number below 50 means most survey participants view conditions as poor.