Homebuilder ETFs Build on Gains
NEW YORK (
) -- 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
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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