Wednesday was a relatively quiet day on Wall Street, save for a management shake-up at General Motors, rumblings of a major deal for NBC, and news that unemployment continues to rise. Most major benchmarks finished little changed, as markets looked for directions amidst conflicting indicators.
Despite the fact that gaining stocks outnumbered losers by a margin of nearly two-to-one, the ETFdb 60 Index finished the day up just 3.05 points, or 0.3%, to close at 1,030.77.
The rundown of the day’s biggest gainers and losers has become somewhat repetitive: the United States Natural Gas Fund (UNG) found itself among the biggest daily decliners once again, shedding 3.8% on Wednesday. The combination of warm weather and ample supplies continued to weigh on natural gas prices on Wednesday, with U.S. storage for the week ended November 20 coming in 12% above last year and 13% above the five-year average. UNG has now lost more than 11% in the last three trading sessions.
Leading the day’s winners once again was the Market Vectors Gold Miners ETF (GDX), which retreated from its intra-day high but still added more than 2%. Gold continued its run higher, settling above $1,200 per ounce for the first time. GDX is now up more than 120% over the last 52 weeks, and has seen its assets grow to nearly $4 billion.
Disclosure: No positions at time of writing.