Greenie Lifts Industrial Funds
Tradable funds
focused on the industrial sectors responded Tuesday to
Federal Reserve Chairman Alan Greenspan’s positive remarks
on U.S. productivity, but the tech funds remained under
pressure from earnings concerns.
The Basic
Industries SPDR
(
XLB |
Quote |
Chart |
News |
PowerRating) jumped 5.3%. The Industrial SPDR
(
XLI |
Quote |
Chart |
News |
PowerRating)
rose 1.9%, closing just below its 50-day moving average.
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The Energy SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating)
ran up 5.6%. Gasoline and heating oil prices headed higher
after the International Energy Agency reported that gasoline
refiners have dipped into distillates stocks to meet summer
demand.
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The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) gained 0.9%, continuing its run into new
high ground.
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On the downside,
the Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) lost 1.1% but managed to
rebound off the session low on strong volume. The rebound in
Yahoo
(
YHOO |
Quote |
Chart |
News |
PowerRating) ahead of the Internet media giant’s strong
Q2 report factored heavily in the move. Yahoo is the second
largest holding in the Internet HOLDR after America Online
(
AOL |
Quote |
Chart |
News |
PowerRating).
For more on
Yahoo’s trading action Tuesday, check out my
The News commentary.
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In this column, I
focus on the day’s outstanding moves, but perhaps a clearer
picture of life in Tech Land is afforded by the chart of the
Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) — sideways,
range-bound.
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