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Industrials ETF (XLI) Hits a New 52-Week High
For investors looking for momentum, The Industrial Select Sector SPDR Fund (XLI - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 103% from its 52-week low price of $47.71/share.
Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
XLI in Focus
This ETF seeks to track the performance of the Industrial Select Sector Index. It has AUM of $18.50 billion and charges 12 basis points in annual fees.
Why the Move?
The industrial sector, which faced disruption in global supply chains and closedown of factories, is expected to rebound as the economy recovers from the coronavirus-led slump. The accelerated distribution of coronavirus vaccines and addition of stimulus are expected to drive demand and economic activities in the sector. This is making funds like XLI an attractive investment option.
More Gains Ahead?
It seems like the fund will remain strong as it sports a Zacks ETF Rank #1 (Strong Buy) along with a positive weighted alpha of 79.44, which gives cues of further rally.
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