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ETFs Falter As Rally Slows (Daily ETF Wrap-Up)

Source: Wall Street Journal

Jun 26, 2009

Summary

Market Wrap-Up

The markets had a lackluster week shedding about 100 points from last week. Stocks faltered broadly in light trading on Friday, though technology stocks fared well enough to boost the Nasdaq thanks in part to a 15.6% gain for Palm (PALM). Oil prices receded settling below $70 as futures also pulled back. Consumer sentiment for June climbed to 70.8 after an upward revision. The Dow Jones Industrial Average shed 34 point to close at 8438. To see a complete rundown on Friday’s trading session see our market story.

Winners

Gold found favor among investors dismayed by the sideways stock market sending shares of the Market Vectors Gold Miners fund (GDX) 5.9% higher for the week. Expectations that China may take the lead role in reviving global growth pushed shares of the Shares FTSE/Xinhua China 25 Index fund (FXI) up 4.9%.

Losers

Lower energy prices knocked shares of the SPDR S&P Oil & Gas Exploration & Production fund (XOP) back 3% for the week. Bank stocks remained at the volatile core of the stock market, and the SPDR KBW Regional Banking fund (KRE)

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