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Homebuilder exchange-traded funds were the best performers of the week following another interest rate cut by the Federal Reserve that dropped the fed funds rate to 3%.
The iShares Dow Jones U.S. Home Construction (ITB Quote) ETF soared 19.8% to $21.56. The SPDR S&P Homebuilders (XHB Quote) ETF jumped 17.7% to end the week at $23.33.
Citing the continued stress on financial markets and the downside risk to the economy, the Fed announced Wednesday that it had slashed interest rates by 50 basis points, just over a week after an emergency rate cut lopped 75 basis points off the fed funds rate. Homebuilders jumped on the news as the embattled sector hoped for more government assistance in finding a bottom to its long slide. ...
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