Retail exchange traded funds jumped more than 2% in Tuesday’s market rally with JC Penney (NYSE: JCP) and Best Buy (NYSE: BBY) pacing the sector’s gains.
JC Penney soared nearly 20% on news the department-store giant has hired Apple (NasdaqGS: AAPL) executive Ron Johnson as its new CEO.
The sector ETFs shrugged off a report that U.S. retail sales declined in May. Meanwhile, Best Buy added 5% after upbeat quarterly results. [Retail ETFs in Spotlight on May Sales, Best Buy Results]
Exchange traded funds that profit from higher market volatility pulled back sharply on Tuesday, suggesting traders see the rally marking a short-term bottom in stocks. [VIX ETFs Plummet]
ETFs that invest in coal-related stocks are down so far this year but may be due for a bounce at the bottom of their 2011 trading ranges. [Coal ETFs Stuck]