The NAHB survey showed builders continue to offer concessions in January. The survey found that 60% of builders used some sort of sales incentive to close the deal, while 30% of builders cut home prices to bolster sales in January. The average price reduction was 5%, matching December’s price cut.

The benchmark S&P 500 ( ^GSPC) popped more than 1.8%, while the Dow Jones Industrial Average ( ^DJI) rose more than 1.6%, or over 700 points. Meanwhile, the tech-heavy Nasdaq Composite ( ^IXIC) soared 2.5%.