Consumer Cos up as Traders Hedge on Fuel, Rate Views - Consumer Roundup
Dow Jones
Aug 29
Consumer companies rose as traders hedged their bets on the outlook for fuel prices and interest rates.
The SPDR S&P Homebuilder exchange-traded fund was more or less flat after Treasury yields ascended in the wake of Federal Reserve Chairman Kevin Warsh's speech.
The ETF, a basket of major builders, is down from 12 months ago, reflecting the atrophy in the U.S. housing market. Rising Treasury yields could push mortgage rates up further.
The University of Michigan's August reading of consumer confidence showed a decline as gasoline prices rebounded.
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