Click here to read the original article on ETFdb.com.
Daily ETF Roundup: GDX Jumps On Gold’s Surge, XLI Sinks On Spending Fears
August 02, 2011 at 17:17 PM EDT
Although both chambers of Congress passed the debt ceiling increase, markets plunged across the board as investors feared a new age of austerity and sluggish growth in the U.S. market. The Dow finished the day lower by 266 points while the broader indexes experienced heavier losses as the S&P 500 fell by 2.6% and the Nasdaq sank by 2.8%. Banks, services and industrials led the way on the downside while telecom, and some consumer firms managed to at least avoid much of the plunge that some of their more cyclical counterparts experienced. Commodities were extremely volatile as well, as investors clamored for gold in record numbers as the price of the safe haven commodity soared by 2.3% on the day to finish just shy of $1,660/oz. Meanwhile, more industrial focused commodities fell on the day as lumber, copper, and oil all experienced declines as WTI crude ended the session at the $93.25 [...] Click here to read the original article on ETFdb.com. Related Posts: Daily ETF Roundup: GDX Slides On Gold’s Weakness, XLI Rises On Strong Earnings ETF Insider: Equities Poised To Pop Daily ETF Roundup: TIP Soars On Risk Aversion, GDX Falls On Earnings And CapEx Fears Daily ETF Roundup: XLI Sinks On Steelmaker Weakness, DBB Rises On Broad Industrial Metal Gains ETF Insider: Bullish On Equities
Although both chambers of Congress passed the debt ceiling increase, markets plunged across the board as investors feared a new age of austerity and sluggish growth in the U.S. market. The Dow finished the day lower by 266 points while the broader indexes experienced heavier losses as the S&P 500 fell by 2.6% and the Nasdaq sank by 2.8%. Banks, services and industrials led the way on the downside while telecom, and some consumer firms managed to at least avoid much of the plunge that some of their more cyclical counterparts experienced. Commodities were extremely volatile as well, as investors clamored for gold in record numbers as the price of the safe haven commodity soared by 2.3% on the day to finish just shy of $1,660/oz. Meanwhile, more industrial focused commodities fell on the day as lumber, copper, and oil all experienced declines as WTI crude ended the session at the $93.25 [...]
