ETF Movers: Hombuilder and Financial ETFs Jump Higher (XHB, XLF, KRE, KBE, RKH)
ETF Movers:
SPDR S&P Homebuilders (AMEX: XHB) is 7% higher as the S&P/Case-Shiller Home Price Index, while negative, had a positive sign. They said, "One possible bright spot is that seven MSAs, while still negative, showed some improvement in their annual figures over those reported last month. Looking at the monthly statistics, seven of the 20 metro areas were positive for the May/April reading."
Claymore/MAC Global Solar Energy (AMEX: TAN) is 5.3% higher as solar stocks run in mid-day trading on hopes of positive developments in Spain related to subsidy cuts.
Financial Select Sector SPDR (AMEX: XLF) is 4.5% higher on hopes the CDO fire sale at Merrill Lynch (NYSE: MER) could signal a bottom in financials. Other financial ETFs on the move: KBW Regional Banking ETF (AMEX: KRE) and KBW Bank ETF (AMEX: KBE), Regional Bank HOLDRs (AMEX: RKH)
Market Vectors Steel ETF (AMEX: SLX) is 4% higher, driven by strong earnings results from U.S. Steel (NYSE: X).
Market Vectors Gold Miners ETF (AMEX: GDX) 2.8% lower. Gold off over 1% today.
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