Despite retailers reporting the weakest March sales in 13 years, retail ETFs were up more than 2% midday. The usual suspects contributed to slow sales: slumping economy and high food and energy prices, reports Anne D’Innocenzio for the Associated Press.
Sales dropped by 0.5%, instead of the estimated 1% growth.
Retail ETFs have been moving higher today:
- SPDR S&P Retail (XRT)
- Retail HOLDRs (RTH): Wal-Mart is 18.3%; Costco is 5.9%
- Consumer Discretionary SPDR (XLY)
For full disclosure, some of Tom Lydon’s clients own RTH.
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