An up-and-down week came to an end on a positive note Friday, as most major benchmarks advanced and world leaders concluded a closely-watched Copenhagen summit by announcing a deal for combating climate change. Elsewhere, GM indicated that it will wind down its Saab unit after a deal fell through and Google faces potential trouble overseas.
The ETFdb 60 Index, a benchmark measuring the performance of asset classes available through ETFs, added 1.74 points, or 0.2%, recovering part of the gains from the previous session’s selloff.
The United States Natural Gas Fund (UNG) gained 1.5% on Friday, the fund’s seventh consecutive gain. UNG has added almost 17% over that period, boosted by both drawdowns in gas inventories and Exxon’s massive bet on the natural gas sector. Expectations for continued cold weather and strength in the broad markets were the primary drivers of UNG’s week-ending rally. ETFdb Pro members can read more about the drivers of oil & gas ETFs in our ETFdb Category Report (if you’re not a Pro user yet, sign up for a free trial or read more here).
After losing ground over the last few weeks, gold prices recovered slightly on Friday, driving up both gold ETFs as well as funds focused on gold mining stocks. The Market Vectors Gold Miners ETF (GDX) added 2.4%, while the Junior Gold Miners ETF (GDXJ) gained about 1%.
Disclosure: No positions at time of writing.