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 SPDR S&P Homebuilders ETF Report
rose 2.8% at $15.41. Its top holdings include
PulteGroup
(PHM) - Get PulteGroup Inc. Report
, up 2.1% and
Lennar
(LEN) - Get Lennar Corporation Class A Report
, up 2.9%. The
iShares U.S. Dow Jones Home Construction
(ITB) - Get iShares U.S. Home Construction ETF Report
also gained 2.9%.
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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 McDonald's Corporation Report
also improved confidence. The
SPDR S&P Retail
(XRT) - Get SPDR S&P Retail ETF Report
jumped 1.5%. The
SPDR International Consumer Staples ETF
(IPS)
also rose 0.6%.
The
SPDR Regional Banking ETF
(KBE) - Get SPDR S&P Bank ETF 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
. 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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