Index ETFs finished flat to mixed on Wednesday, despite an early morning downturn in trading. The SPDR S&P 500 ETF (NYSEARCA:SPY) lost .09%, the SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA) lost .22%, the NASDAQ ETF (NASDAQ:QQQ) gained .13% and the iShares Russell 2000 Index ETF (NYSEARCA:IWM) added .07%.
Index ETFs finished mixed and flat as investors’ anticipate the re-opening of Cypriot banks on Thursday. Although Cyprus has implemented capital controls which may prevent bank runs tomorrow, many people across the EU are worried about that other countries may implement the “deposit levy” to relieve future debt crises. The Cyprus resolution brought with it a whole slew of new questions.
In the economic report realm, Wednesday’s lackluster Pending Homesales Report did not help our flat markets go any higher. According to the National Association of Realtors, pending home sale prices declined by .4% for the month of February. Pending Home Sales Index Dips in February.
Yesterday’s economic reports had a stellar performance, however, likely contributing to yesterday’s stock market gains.
Bottom Line: Keep in mind that Cyprus and today’s lackluster economic reports have kept the S&P 500 from barely etching out an all new, all time high record. It appears that investors are confused, at the very least, since the Cyprus crisis did not turn into a global meltdown. The real question is, what event will trigger a collapse.
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Index ETFs Finish Flat, Lackluster Pending Homesales Report
Published 03/27/2013, 02:46 AM
Updated 05/14/2017, 06:45 AM
Index ETFs Finish Flat, Lackluster Pending Homesales Report
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