Rising Consumer Spending Is Boosting ETFs
Monday, March 29th, 2010Tom Lydon submits:
The money isn’t exactly flying around yet, but consumers opened their wallets a little wider last month. The news, which is what economists had anticipated, is sending exchange traded funds higher this morning.
With consumer spending being two-thirds of the economy, you’d better believe that any improvement on that front will be greeted with a measure of jubilation. Consumer spending rose for the fifth straight month in February. The 0.3% growth matched economists’ expectations. Later this week, the Labor Department will deliver its monthly employment report. The consensus is that it will show jobs growth. Consumer Discretionary Select Sector SPDR (XLY) is up slightly this morning. [Retail ETFs Have Their Work Cut Out.]
