While slowing housing starts have contributed to a global sell-off in stocks, S&P said the recent drop in equity prices is not a harbinger of a bear market. Sam Stovall, chief investment strategist at S&P's equity research division, said investors concern about the cooling housing market "have not acted as a contagion for the market at large." But S&P did not recommend housing related stocks, instead saying sectors such as information technology and industrials, as well as international markets, offer the most attractive investment prospects for investors.

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