Markets, ETFs Flat on Second Quarter’s Last Day
June 30th at 8:30am by Tom Lydon
The second quarter has been painful for many investors and exchange traded funds (ETFs). But in the final day of trading, the markets turned quiet and reflective about the last three months.
Financial ETFs rose slightly on reports of a change in the banking overhaul bill that struck $19 billion in proposed taxes on banks. The provision would have allowed the Federal Deposit Insurance Corp. (FDIC) to collect the money from banks with more than $50 billion in assets. [What Financial Reform Means for ETFs.]
- SPDR KBW Bank (NYSEArca: KBE) is up 1.3% so far today
Discouraging news on the housing front: nearly one out of every three home sales in the United States in the first quarter was a foreclosure property. The average sale price of a foreclosure property was 27% below homes that weren’t being processed that way. For comparison’s sake, in normal markets, just 1% to 2% of home sales are foreclosures. [REIT ETFs Outperform the Markets.]
- SPDR S&P Homebuilders (NYSEArca: XHB)
And now for a glimmer of home: business activity in the United States expanded in June for the ninth consecutive month, evidence that manufacturing is rising above the volatile financial markets. Although the measure dropped to 59.1, any number above 50 is considered expansion. [5 ETFs That Are Holding Up.]
- First Trust Industrials/Producer Durables AlphaDEX (NYSEArca: FXR) is up 1% so far today
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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.