Cyclicals, B2B Lead Tradables
Reassuring
economic data Friday helped lift tradable funds like the
Cyclicals/Transportation SPDR, although the good news seemed
already priced into funds fishing in financial waters.
The government
reported that the nation’s jobless rate rose to 4.1% from
4%. A report from the National Association of Purchasing
Management showed that manufacturing fell for the first time
since early 1999. Those results added to the picture of a
slowing economy and raised the odds that the Federal Reserve
will remain on hold on interest rates for the foreseeable
future.
The B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating)
gained 2.5% on increased trade. The HOLDR cleared a six-week
basing zone within a larger base. It was the day’s sharpest
gain among the U.S.-focused
funds.
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Among the basket’s
components, Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) jumped 8 7/8 to 166 1/4,
Commerce One
(
CMRC |
Quote |
Chart |
News |
PowerRating) 3 15/32 to 66.
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The
Cyclicals/Transportation SPDR
(
XLY |
Quote |
Chart |
News |
PowerRating) rose 2.0%, driven by
gains in retailers.
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Telecom stocks
continued to climb off their recent lows, lifting the
Telecom HOLDR
(
TTH |
Quote |
Chart |
News |
PowerRating) 1.1% and the Dow Jones
Telecommunications iShares
(
IYZ |
Quote |
Chart |
News |
PowerRating) 1.0%.
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The Nasdaq 100
Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating), which tracks the Nasdaq 100 Index
(
$NDX.X |
Quote |
Chart |
News |
PowerRating), added 1.0%, clearing a seven-week zone.
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On the downside,
the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) gave back 1.3%, the Dow Jones
Financial iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) 1.1%, the Regional Banking HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating) 0.9%.
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The Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) lost 2.6%, the day’s sharpest decline among the
U.S.-focused ETFs. Component Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) dropped 7
9/16 to 113 15/16 after the company said it would take a
one-time charge to 3Q earnings. A profit warning from
Internet consultant Viant
(
VIAN |
Quote |
Chart |
News |
PowerRating) also soured investors
on Internet stocks.
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