Cash Plays Defense
Cash ran back to
defensive stocks Monday, lifting the tradable pharmaceutical
and consumer staples funds while techs buckled on the
outlook for PC makers.
The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) jumped 3.9%, clearing its 50-day moving
average on active trade. It was the day’s biggest gain among
the exchange-traded funds.
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The
basket of drug stocks was helped by Merck
(
MRK |
Quote |
Chart |
News |
PowerRating), which
Monday posted second-quarter earnings of 73 cents a share
versus 61 cents a year ago. The company cited robust sales
of its new arthritis drug Vioxx and its cholesterol pill
Zocor. Merck shares gained 5 27/32 to 69 19/32 on huge
volume.
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The Consumer
Staples
(
XLP |
Quote |
Chart |
News |
PowerRating) SPDR picked up 2.1%, also clearing its
50-day.
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On the downside,
the Internet
(
HHH |
Quote |
Chart |
News |
PowerRating) and B2B Internet HOLDRs
(
BHH |
Quote |
Chart |
News |
PowerRating)
shed 4.8%, the Dow Jones Internet Index iShares
(
IYV |
Quote |
Chart |
News |
PowerRating)
4.9%, the Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) 2.4%.
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The Energy SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating)
lost 1.1%, falling again with crude oil prices. September
crude oil on the New York Mercantile Exchange traded as low
as $27.96 per barrel before settling at $28.02, a decline of
54 cents on the day.
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