Homebuilder, Consumer ETFs Rebound
NEW YORK (
) -- Homebuilder ETFs were strong gainers through Monday, ahead of the Federal Reserve's meeting on Tuesday. The central bank is expected to maintain rates at record lows and may suggest more stimulus is needed to jump-start the slowing economy.
The
SPDR S&P Homebuilders
(XHB) - Get Report
rose 2.8% at $15.41. Its top holdings include
PulteGroup
(PHM) - Get Report
, up 2.1% and
Lennar
(LEN) - Get Report
, up 2.9%. The
iShares U.S. Dow Jones Home Construction
(ITB) - Get Report
also gained 2.9%.
Consumer ETFs rebounded from last week's losses. Consumer and retail stocks sold off last week after weak jobs data and lower-than-expected retail sales hurt sentiment. However, buying resumed on Monday on hopes that stimulus measures will be announced to improve hiring. Strong same-store sales from
McDonald's
(MCD) - Get Report
also improved confidence. The
SPDR S&P Retail
(XRT) - Get Report
jumped 1.5%. The
SPDR International Consumer Staples ETF
(IPS)
also rose 0.6%.
The
SPDR Regional Banking ETF
(KBE) - Get Report
was another notable gainer on Monday, up 1.7%. Financial ETF were in the red last week on weak economic data.
Prominent among losers is
Internet Architecture Holders
(IAH)
, which has a 23% exposure to
Hewlett-Packard
(HPQ) - Get Report
. Hewlett-Packard slumped 7.4% after its CEO Mark Hurd resigned following a probe into a sexual harassment claim. The ETF ended the day lower by 0.4%.
-- Reported by Shanthi Venkataraman in New York.
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