Notable ETF Movers of the Day 10/03: (SPF) (KBE) Higher; (MOO) Lower

October 3, 2012 1:17 PM EDT

SPDR S&P Homebuilders (NYSE: XHB) climbed 2.85 percent to 25.5. Shares of homebuilding stock rose pretty much across the board, with shares of Standard Pacific (NYSE: SPF) leading the pack. Today’s price action relates to economic data that showed a surge in the number of home mortgage applications last week. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 16.6 percent last week. Many of the new loans were refinance applications, but new loan requests for home purchases also rose. Positive ISM data also gave stocks in this sector a boost.

SPDR S&P Bank ETF (NYSE: KBE) gained 1.5 percent to 24. Regions Financial (NYSE: RF) was among today’s winners, with shares higher by 2.25 percent. The move in banks also appears to be tied to the ISM Services number. The index read 55.1 versus the consensus of 53.4. Year-to-date, KBE is higher by 18 percent, though several banks, including RF, have significantly outperformed the ETF.


Market Vectors Agribusiness ETF (NYSE: MOO) declined 1.6 percent to 51.30. The fall is tied to an earnings report by Monsanto (NYSE: MON). Its shares fell thanks to results that failed to meet fourth quarter expectations. Seeds and genomics sales at Monsanto slipped, largely led by drops in corn and cotton seed sales.

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