S&P 500 May Surpass 15-Month High (NKE, GPS)

The rise in consumer stocks across the U.S. could help S&P 500 surpass the 15 month high it reached in January this year.

An Exchange Traded Fund (ETF) that tracks 80 stocks such as Nike, Inc. (NYSE: NKE) and Gap, Inc.(NYSE: GPS) rose to $31, a level last seen in September 2008. The ETF was up by about 1.6 percent. The ratio between ETF, and S&P 500 rose to 0.277, highest since January 2007. A higher ratio indicates consumer stocks outperforming the benchmark index.

The rise in consumer stocks suggest that consumer spending will begin to show better numbers in the coming few months. Analysts believe S&P 500 can test the January high soon. Nike, Inc., the world’s largest shoemaker, has gained almost 8 percent since Feb 8 this year.