Money Runs to Energy, Pharmaceuticals
Money moved into
energy, cyclical, and defensive stocks Thursday, lifting the
exchange-traded funds focused on those sectors, while tech
stocks and tradable tech funds took another bath.
The Energy SPDR
(
XLP |
Quote |
Chart |
News |
PowerRating)
rebounded 3.5%, the day’s largest gain among the ETFs. The
tradable fund, which tracks energy stocks within the S&P
500, and its sector have been under pressure as crude prices
have fallen in expectation that OPEC is going along with
Saudi production increases.
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After Wednesday’s
close, oil services giant Halliburton
(
HAL |
Quote |
Chart |
News |
PowerRating) reported Q2
earnings fell 9.6% but slightly topped Wall Street
expectations. The stock rose 1 13/16 to 45 3/8. BJ Services
(
BJS |
Quote |
Chart |
News |
PowerRating) matched estimates Wednesday. On Thursday, shares
gained 1 3/4 to 58 3/8.
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The
defensive Pharmaceutical HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) climbed 2.1%.
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The carnage
deepened among the tradable techs. The Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) plunged 8.3%, undercutting
its 50-day moving average. That was the day’s sharpest loss
among the exchange-traded funds. The Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating)
lost 6.9%, the Broadband
(
BDH |
Quote |
Chart |
News |
PowerRating) HOLDR 5.8%, the B2B
Internet HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) 5.7%. The Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) sank 3.9%.
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