Biotech, Industrial Funds Lead

• August 11, 2000
• Loren Fleckenstein

Blue-chip and Old
Economy stocks Friday lifted the tradable funds in those
areas, while pockets in the tech sector came under mild
selling pressures.

The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) reversed and rose 2.9%, the day’s biggest gain
among the exchange-traded funds. The basket of biotech
stocks includes Amgen
(
AMGN |
Quote |
Chart |
News |
PowerRating), Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating),
Biogen
(
BGEN |
Quote |
Chart |
News |
PowerRating), Immunex
(
IMNX |
Quote |
Chart |
News |
PowerRating), and Chiron
(
CHIR |
Quote |
Chart |
News |
PowerRating).

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The Basic
Industries SPDR
(
XLB |
Quote |
Chart |
News |
PowerRating) gained 2.1%. The exchange-traded
fund was buoyed by money flows into chemical stocks. The
S&P Chemicals index
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) advanced 3.5%. No. 1
chemical company and Dow component DuPont
(
DD |
Quote |
Chart |
News |
PowerRating) moved
ahead 2 1/2 to 49 3/8.

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Semiconductor
stocks got a long-awaited bounce, sending the Semiconductor
HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) to a 1.5% gain.

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The Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) benefited from news of tame inflation and a rally
in broker-dealer stocks. The fund increased 1.5%.

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On the downside,
the B2B Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) fell 2.7%, the day’s
biggest loss among the exchange-traded funds. The Internet
Infrastructure
(
IIH |
Quote |
Chart |
News |
PowerRating) dropped 1.3%, the Dow Jones
Internet Index iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) 1.0%.

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