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Real Estate (XLRE) led Tuesday’s sector action, with Utilities (XLU) and Consumer Staples (XLP) also outperforming. All three of those indexes moved more than 5% higher in mid-afternoon trading.
The positive moves for the XLRE come after price increases moderated somewhat in June, according to the latest reading of the S&P CoreLogic Case-Shiller National Home Price Index.
The index increased 0.2% month over month on a seasonally adjusted basis, less than the 0.3% rise seen in May. However, home prices remain at a record, with the index climbing for a fifth straight month to hit an all-time high in June.
Energy, meanwhile, was the biggest laggard of the day after crude oil dropped about 2%, reversing previous gains. Oil had ripped 3% higher on Monday as production cuts in Libya, coupled with more tensions in the Middle East, added to supply concerns.
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