Techs Thrive On Earnings, Greenie
Positive high-tech
earnings surprises and soothing words from Fed Chairman Alan
Greenspan triggered a tech rally Thursday that lifted the
tradable tech funds in turn. Defensive areas like Merrill
Lynch’s drug basket headed lower.
The Internet
Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) gained 8.5% on heavy volume.
It was the largest gain of the day among the exchange-traded
funds. The Dow Jones Internet Index iShares
(
IYV |
Quote |
Chart |
News |
PowerRating) rose
6.1%, the B2B Internet HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating) 6.1%, the Internet
Architecture HOLDR
(
IAH |
Quote |
Chart |
News |
PowerRating) 5.6%, the Nasdaq 100 Tracking
Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) 3.3%.
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The
interest-rate-sensitive ETFs cheered Greenspan’s
Humphrey-Hawkins testimony. The Dow Jones Financial Index
iShares
(
IYF |
Quote |
Chart |
News |
PowerRating) climbed 2.7%, the Financial SPDR
(
XLF |
Quote |
Chart |
News |
PowerRating)
2.5%, recording its highest close since June 14.
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Overseas, the Hong
Kong WEBS
(
EWH |
Quote |
Chart |
News |
PowerRating) tacked on 2.8% on strong volume. The
Hang Seng index historically has correlated closely with
U.S. markets, and is sensitive to U.S. rate concerns.
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On
the downside, the Pharmaceutical HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) shed 2.2%,
the Semiconductor HOLDR
(
SMH |
Quote |
Chart |
News |
PowerRating) 1.6%.
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