The ETF party hit a three week high as the S&P 500, Dow Jones Industrial Average, and Russell 2000 all closed better than Thursday. The NASDAQ was the only downer to the party as the index sunk .06%. Index ETFs rose as well, as the SPDR S&P 500 ETF (NYSEARCA:SPY) rose .36%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) increased .76%, and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) rose .09%. The PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) dropped .15% (what a downer!).
Why was the NASDAQ (NASDAQ:QQQ) such a downer? This past week was full of important earnings reports from the financial sector and tech sector, and Google (NASDAQ:GOOG) failed to satisfy as they missed their 20% profit increase projection by a long shot. Tech Sector ETFs dissed Google and liked Microsoft (NYSE:MSFT) Friday, however, as the Technology SPDR ETF (NYSEARCA:XLK) registered a .11% increase.
Other party animal ETFs included Silver ETFs, as the silver spot price increased nearly 5%, with the ProShares Ultra Silver ETF (NYSEARCA:AGQ) registering a 10% profit at close. Perhaps European debt woes are spurring silver investors to buy more silver in fear of a “fiat” currency meltdown.
The last major party animal ETFs were Real Estate ETFs. The National Association of Realtors released their existing home sales report for December on Friday, and existing home sales were up to 4.61 million existing home sales in December to close out a positive 2011 in the decimated housing market.
Bottom Line: Stocks and ETFs continued their party Friday by closing at a three week high. We seem to be in the middle of a strong bull market right now, led by the Tech Sector and Financial Sector. Silver ETFs contributed to the bull market party as well, however the one key to collapse is still Europe, which could at any moment tank itself and take the world down with it. Enjoy the profits for now and hold your breath.
Disclaimer: Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.
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ETF Party Hits 3 Week High
Published 01/22/2012, 02:08 AM
Updated 05/14/2017, 06:45 AM
ETF Party Hits 3 Week High
The ETF Party hit a three week high as major indices and ETFs closed in profit Friday
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