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Industrial stocks continued to perform well, boosting ETFs linked to that sector. Basic materials ETFs were also higher, while financial funds tended toward breakeven.
Here are 7 ETFs You Need to Know for Thursday.
Earnings outperformance by Boeing (BA | Quote | Chart | News | PowerRating) on Wednesday helped boost industrial ETFs. The iShares Dow Jones U.S. Industrial Index ETF (IYJ | Quote | Chart | News | PowerRating) was up more than 3% intraday and the ProShares Ultra Industrials ETF (UXI | Quote | Chart | News | PowerRating) advanced by more than 7% during the day.
Strength in steel stocks contributed toward strength in basic materials ETFs like the ProShares Ultra Basic Materials ETF (UYM | Quote | Chart | News | PowerRating), which was up by more than 7% intraday on Wednesday. The rally takes UYM into overbought territory below the 200-day moving average.
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Closing back in overbought territory below the 200-day moving average was the PowerShares QQQ Trust ETF (QQQQ | Quote | Chart | News | PowerRating). The ETF gained more than 2% late in trading on Wednesday.
Gains in financial stocks were limited on Wednesday, leaving the Financial Select Sector SPDRS ETF (XLF | Quote | Chart | News | PowerRating) at more or less breakeven levels. Wells Fargo (WFC | Quote | Chart | News | PowerRating) produced a major upside earnings surprise on the day while earnings from Morgan Stanley (MS | Quote | Chart | News | PowerRating) proved to be a significant disappointment.
The PowerShares DB U.S. Dollar Index Bullish ETF (UUP | Quote | Chart | News | PowerRating) pulled back for a second consecutive day above the 200-day moving average on Wednesday. The ETF is not technically in oversold territory yet, however.
Closing for a second day in a row in oversold territory above the 200-day moving average is the iShares Barclay's 20+ Year Treasury Bond Index ETF (TLT | Quote | Chart | News | PowerRating).
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