Veterans Day on Wall Street featured an abundance of takeover news, with Motorola putting one of its major units up for sale and H-P announcing that it is planning to acquire 3Com for $2.7 billion. The Dow extended its winning streak to six days, reaching a new 2009 high. The ETFdb 60 Index gained 4.34 points, or 0.4%, to close at 1,018.12.
The transportation sector led the way on Wednesday, with the iShares Dow Jones Transportation Index Fund (IYT) adding more than 2% on the session. IYT has moved higher in recent weeks following news that Warren Buffett’s Berkshire Hathaway would acquire Burlington Northern Santa Fe at a hefty premium. On Wednesday, strong performances from UPS (up 2.2%), which accounts for 8% of holdings, and J.B. Hunt (up 2.5%), which makes up 4.7% of the fund. IYT has now gained more than 11% since the start of the month.
Other big winners on Wednesday included the iShares Dow Jones U.S. Real Estate Index Fund (IYR, up 1.8%) and the Financial SPDR (XLF), which gained 1.4% on a strong day from Bank of America.
Among the eight daily decliners was the iShares MSCI Brazil Index Fund (EWZ), which lost 0.9% as the real hit a key support level, sending off a wave of sales in exchange for dollars. “At this point, market participants suspect BRL1.70 is the preferred floor for the U.S. dollar so long as the government continues expressing concerns over the real’s 35% year-to-date appreciation,” wrote Kenneth Rapoza. Brazil also reported a 12-month consumer price inflation level of 4.17% in October, well below the government’s 4.5% target for the year.
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