Homebuilder ETFs Build on Gains

Homebuilder ETFs are rising on Wednesday following a rise in mortgage applications.
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NEW YORK (

TheStreet

) -- Homebuilder ETFs are rising on Wednesday on news that mortgage applications rose 13% last week helped by a 17% spike in refinance applications. A report from

Citigroup

(C) - Get Report

that suggested the homebuilder sector was due for consolidation also caused stocks to rally.

The

SPDR Homebuilders ETF

(XHB) - Get Report

and the

iShares Dow Jones Home Construction ETF

(ITB) - Get Report

are rising by 1.8% and 1.5% respectively.

Ryland Group

(RYL)

is gaining 3.5% at $16.98, while

Beazer Homes (BZH) - Get Report is soaring 5.6% at $3.98 following the Citi report.

The

United States Oil Fund

(USO) - Get Report

, which tracks the price of oil futures, is trading lower by 1.3% after an Energy Information Administration report showed that

crude stockpiles

declined by 800,000 barrels, lower than the projected 2.25 million barrels projected by the Platts survey.

The

SPDR S&P Retail ETF

(XRT) - Get Report

is higher by 1.3% after a strong report from women's retailer

Chico's

(CHS) - Get Report

and an in-line report from

Target

(TGT) - Get Report

lifted the sector.

-- Reported by Shanthi Venkataraman in New York.

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