Notable ETF Movers of the Day 11/07: (TLT) Higher; (KOL) (XLF) Lower
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Gainers:
iShares Barclays 20+ Year Treas Bond (NYSE: TLT) gained 2 percent to 124.17. Considering today's broad decline, it is no surprise bond prices are heading higher. Yields on 10-year treasures dropped to 1.63 percent as investors sought safe-haven assets amid today's selloff, which seems to be tied to the outcome of the presidential election.
Decliners:
Market Vectors Coal ETF (NYSE: KOL) declined 5.4 percent to 24.47. Mit Romney was a self proclaimed 'coal-man', so it is no surprise stocks in this sector are taking a beating one after he lost the election. Stocks in this sector moved noticeably higher in response to Romney's performance during the first debate, and since then they have traded with a fair amount of correlation to Romney's now-dashed election hopes. Shares of Peabody Energy (NYSE: BTU) opened lower and are down 9.6 percent.
Financial Select Sector SPDR (NYSE: XLF) is lower by 2.9 percent to 15.68. Again, this is tied to the outcome of the presidential election. A republican victory would have potentially created an improved regulatory environment for banks. As it is, critics say banks will have to muddle through another 4 years of Democrat-manufactured red tape. Bank of America (NYSE: BAC) is the laggard among large banks, with Goldman Sachs (NYSE: GS) and Citi (NYSE: C) close behind.
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iShares Barclays 20+ Year Treas Bond (NYSE: TLT) gained 2 percent to 124.17. Considering today's broad decline, it is no surprise bond prices are heading higher. Yields on 10-year treasures dropped to 1.63 percent as investors sought safe-haven assets amid today's selloff, which seems to be tied to the outcome of the presidential election.
Decliners:
Market Vectors Coal ETF (NYSE: KOL) declined 5.4 percent to 24.47. Mit Romney was a self proclaimed 'coal-man', so it is no surprise stocks in this sector are taking a beating one after he lost the election. Stocks in this sector moved noticeably higher in response to Romney's performance during the first debate, and since then they have traded with a fair amount of correlation to Romney's now-dashed election hopes. Shares of Peabody Energy (NYSE: BTU) opened lower and are down 9.6 percent.
Financial Select Sector SPDR (NYSE: XLF) is lower by 2.9 percent to 15.68. Again, this is tied to the outcome of the presidential election. A republican victory would have potentially created an improved regulatory environment for banks. As it is, critics say banks will have to muddle through another 4 years of Democrat-manufactured red tape. Bank of America (NYSE: BAC) is the laggard among large banks, with Goldman Sachs (NYSE: GS) and Citi (NYSE: C) close behind.
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