Financials, Biotechs Pull Ahead
Financials rallied
Tuesday, lifting tradable funds focused on the
rate-sensitive areas as the Federal Reserve left well enough
alone and stood pat on interest rates. Tradable funds
targeting biotechs, semiconductors, and retailers also
benefited from gains in their component stocks.
The Regional Bank
HOLDR
(
RKH |
Quote |
Chart |
News |
PowerRating), which began trading June 23 on the American
Stock Exchange, rose 1.8%. Among its component stocks,
FleetBoston Financial
(
FBF |
Quote |
Chart |
News |
PowerRating), the financial services
company, rose 1 3/16 to 41 5/8, and Fifth Third Bancorp
(
FITB |
Quote |
Chart |
News |
PowerRating)
gained 1 1/16 to 44 13/16.
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The Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating) and the Dow Jones Financial Index iShares
(
IYF |
Quote |
Chart |
News |
PowerRating)
each rose 1.0%.
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The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) advanced 2.4%, the day’s sharpest gain among the
funds. The HOLDR got a boost from Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating),
which rose 6 to 171 after a Robertson Stephens analyst made
bullish comments about Genentech’s compound Xolair, which is
used to treat allergic asthma.
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Telecom stocks led
their tradable funds lower. The Telecom HOLDR
(
TTH |
Quote |
Chart |
News |
PowerRating) lost
1.0%, the Dow Jones Telecom Index iShares
(
IYZ |
Quote |
Chart |
News |
PowerRating) 1.8%.
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