<< Read Full Article
<< Read Full Article
Homebuilders were the best performers of a holiday-shortened week following an emergency rate cut by the Federal Reserve that dropped the fed funds rate to 3.50%.
Amid fears of a recession that spurred panic selling in overseas markets, the Fed announced that it had slashed interest rates by 75 basis points about a week ahead of its next scheduled meeting. Homebuilders jumped on the news as the embattled sector hoped for more government assistance in finding a bottom to its long slide.
The iShares Dow Jones U.S. Home Construction (ITB Quote) ETF soared 20.7% to $17.99. The SPDR S&P Homebuilders (XHB Quote) ETF jumped 15.9% to end the week at $19.94. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,452.00 | 1,107.93 | 2,201.05 | 36.03 |
Oil *
72.08
|
|
DOWN
49.05
|
DOWN
6.18
|
DOWN
11.05
|
UP
0.57
|
10 Yr
3.60%
SPDR Gold
110.21
|
|
-0.47%
|
-0.55%
|
-0.50%
|
+1.61%
|
Data delayed 20 minutes |
Connect with TheStreet