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Discretionary ETF (XLY) Resumes Uptrend After Upbeat Confidence Data

By: ETFdb
The bulls remain in the driver’s seat as made apparent by last week’s price action. Profit-taking pressures came quick and hard after markets got a whiff of the Fed hinting that it may end bond-repurchases sooner if deemed necessary; however, bargain buyers returned on Tuesday morning following the long weekend, putting major equity indexes back on track. With all eyes on the potential Fed policy change, investors will pay close attention to upcoming economic reports as very upbeat data releases over the coming weeks could prompt policymakers to scale back on stimulus measures [see also S&P 500 Visual History]. U.S. Consumer Sentiment Soars The latest Consumer Confidence Index, compiled by The Conference Board Inc., came in well above analysts’ expectation; as expected, buying pressures permeated the marketplace as investors took note of the much needed confidence following last week’s brief, but steep, correction on Wall Street. The latest consumer confidence reading came [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: Stocks Reverse Losses To Close Higher 3 Sector Rotation Strategies ETF Investors Must Know Daily ETF Roundup: Historic Week Finishes On Upbeat Labor Data Which Sector ETFs Are Cheap? Can Coach Purses And $4 Coffees Drive Consumer Discretionary ETFs?
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