Consumer staples stocks were on the rise Monday, with the SPDR Consumer Staples Select Sector Fund ($XLP) rising nearly 1.5 percent. The ETF was driven higher by gains from several of its major holdings after those companies released strong earnings reports. The markets also carried similar ETFs higher, with the Vanguard Consumer Staples ETF ($VDK) gaining over 1 percent.
Stocks Rising Throughout Sector
Consumer staples were moving solidly into positive territory Monday morning, with industry bellwethers leading the charge as Proctor & Gamble (PG) showed gains of just under 2.25 percent and Coca-Cola (KO) climbed over 1.75 percent. Two of the day’s biggest movers were Walgreens (WAG) and Hershey (HSY) , both of which gained over 3 percent. These companys, all of which are among the SPDR ETF’s holdings, helped push the entire sector higher.
Consumer ETFs All Making Gains
Those ETFs tied to consumer goods stocks were experience strong price support on Monday as the entire sector appeared to be gaining. The First Trust Consumer Staples AlphaDEX Fund ($FXG) jumped over 0.75 percent, the PowerShares Dynamic Food & Beverage ETF ($PBJ) climbed almost 0.85 percent, and the iShares Dow Jones U.S. Consumer Goods ETF ($IYK) rose almost 1 percent.
What, precisely, was driving the entire sector higher remains unclear, but it appears to have been connected to a generally positive view by markets, strong earnings reports from key industry players, and possible attention from investors and traders seeing a potential momentum play.