Daily ETF Roundup: XLF Surges On Euro Zone Hopes, VXX Sinks On Equity Surge

By: ETFdb
Although U.S. markets started the day on a down note after China’s bearish GDP release, they surged in the final hours on a report that Germany and France reached an agreement to boost the EFSF and recapitalize banks. Thanks to this, the Dow and the Nasdaq both finished the day up by about 1.6% while the S&P 500 saw gains of 2% on the session. The biggest gains were in the financial and basic materials sectors while tech was dragged down by weakness in IBM and health care saw a slump in health plan firms such as UNH and WLP. In commodity markets, gold, which at one point was trading around $1,628/oz., recouped a great deal of its losses, finishing the session down just $12/oz. or at the $1,665 level. Meanwhile, oil saw gains of nearly $2/bbl. as the European relief program sparked hopes of demand for the important fuel. [...] Click here to read the original article on ETFdb.com. Related Posts: August ETF Stats: Keeping The Winning Streak Alive (Just Barely) Daily ETF Roundup: VXX Sinks On German Court Ruling, XLF Surges On BAC Management Change Daily ETF Roundup: VXX Surges On Jobs Disaster, XLF Falls On More Lawsuits Daily ETF Roundup: VXX Surges Over 20%, XLF Crashes On Global Bank Fears Daily ETF Roundup: XLF Tumbles On S&P Downgrade, VXX Skyrockets Higher On Economic Fear
Although U.S. markets started the day on a down note after China’s bearish GDP release, they surged in the final hours on a report that Germany and France reached an agreement to boost the EFSF and recapitalize banks. Thanks to this, the Dow and the Nasdaq both finished the day up by about 1.6% while the S&P 500 saw gains of 2% on the session. The biggest gains were in the financial and basic materials sectors while tech was dragged down by weakness in IBM and health care saw a slump in health plan firms such as UNH and WLP. In commodity markets, gold, which at one point was trading around $1,628/oz., recouped a great deal of its losses, finishing the session down just $12/oz. or at the $1,665 level. Meanwhile, oil saw gains of nearly $2/bbl. as the European relief program sparked hopes of demand for the important fuel. [...]

Click here to read the original article on ETFdb.com.

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