Notable ETF Movers of the Day 12/17: (XLF) (ITB) Higher; (TLT) Lower
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Gainers:
Financial Select Sector SPDR (NYSE: XLF) gained 1.8 percent to 16.3. The move higher is tied to hopes fiscal cliff negotiations in Washington will result in a deal. Wells Fargo & Company (NYSE: WFC) and Bank of America (NYSE: BAC) were top gainers, with strength rippling throughout the sector as investors breathed a sigh of relief that Washington may come to its senses.
iShares Dow Jones US Home Construction (NYSE: ITB) gained 3.2 percent to 20.9. Homebuilders were higher across the board with shares of PulteGroup, Inc. (NYSE: PHM) and Ryland Group Inc. (NYSE: RYL) leading the charge with gains of 5 percent and 5.9 percent respectively. Again, investors are positive on fiscal cliff developments in Washington.
Decliners:
iShares Barclays 20+ Year Treas Bond (NYSE: TLT) declined 0.7 percent as investors swapped into riskier assets on Monday. Yields on 10-year treasures ticked up to 1.74 percent, pushing bond prices lower. Last week the Fed announced it would continue to increase its balance sheet with ongoing purchases of treasures and mortgage backed securities. This is viewed as supportive of bond prices although some analysts believe a bubble is developing and warn investors to avoid long term bonds.
Financial Select Sector SPDR (NYSE: XLF) gained 1.8 percent to 16.3. The move higher is tied to hopes fiscal cliff negotiations in Washington will result in a deal. Wells Fargo & Company (NYSE: WFC) and Bank of America (NYSE: BAC) were top gainers, with strength rippling throughout the sector as investors breathed a sigh of relief that Washington may come to its senses.
iShares Dow Jones US Home Construction (NYSE: ITB) gained 3.2 percent to 20.9. Homebuilders were higher across the board with shares of PulteGroup, Inc. (NYSE: PHM) and Ryland Group Inc. (NYSE: RYL) leading the charge with gains of 5 percent and 5.9 percent respectively. Again, investors are positive on fiscal cliff developments in Washington.
Decliners:
iShares Barclays 20+ Year Treas Bond (NYSE: TLT) declined 0.7 percent as investors swapped into riskier assets on Monday. Yields on 10-year treasures ticked up to 1.74 percent, pushing bond prices lower. Last week the Fed announced it would continue to increase its balance sheet with ongoing purchases of treasures and mortgage backed securities. This is viewed as supportive of bond prices although some analysts believe a bubble is developing and warn investors to avoid long term bonds.
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