Energy, Financial ETFs Lead
Tradable funds fishing in energy and
rate-sensitive waters headed higher Monday while tech funds fell across the
board.
The Energy SPDR
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XLE |
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PowerRating) Monday
surged 3.1% into new high ground as energy prices spiked in the wake of Sunday’s
OPEC. It was the day’s biggest gain among the exchange-traded
funds.Â
October crude oil gapped up and
notched new 10-year and contract highs after the market looked at OPEC’s
production increase and concluded the cartel had given up too little, too late.
For more on the action in energy futures, check out Marc Dupee’s Futures
Market Recap.
Rumors that No. 2 U.S. oil company,
Chevron
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PowerRating), is courting Phillips Petroleum
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P |
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billion sent both stocks higher as well. But analysts doubted the deal. By
market close, Phillips gave up most of the session’s gains.
It was another good day for the
rate-sensitive funds. The Utilities SPDR
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XLU |
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PowerRating) followed through Friday’s
base breakout with a 2.3% gain. The Utility HOLDR
(
XLU |
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Financial SPDR
(
XLF |
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PowerRating) 1.9%, the Dow Jones Financial iShares
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IYF |
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PowerRating) 1.5%,
the Cyclicals/Transportation SPDR
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XLY |
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PowerRating) 1.9%.
On the downside, the Biotech HOLDR
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BBH |
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fell 4.7%, the sharpest loss among the U.S.-focused ETFs. The market showed no
enthusiasm for the sector despite a series of merger deals. HOLDR component, Genzyme
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PowerRating), said it would acquire GelTex Pharmaceuticals
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billion in cash and stock. Shares in Genzyme lost 7 7/8 to 57 11/16.
The Internet Architecture HOLDR
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IAH |
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PowerRating)
sank 3.9%, the Broadband HOLDR
(
BDH |
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PowerRating) 3.6%, the Dow Jones Technology iShares
(
IYW |
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PowerRating) 3.2%, the Technology SPDR
(
XLK |
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PowerRating) 2.6%, the Internet Infrastructure
HOLDR
(
IIH |
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PowerRating) 2.6% and the Nasdaq 100 Tracking Stock
(
QQQ |
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PowerRating) 2.5%.
