U.S. equities gained ground during today’s trading session, nearly erasing this week’s losses. Investors, however, remained cautious ahead of this weekend, as the European Central Bank’s deadline to withdraw support from Cyprus’s banking system comes on Monday. The debt-ridden island nation was, however, close to a deal to raise sufficient funds to unlock a bailout from the central bank, causing many to begin to look past the latest eurozone debt drama [see Free Member Report: How To Pick The Right ETF Every Time].
Though there were no major economic releases today, all three major U.S. equity indexes rallied to close in positive territory. The Dow Jones Industrial Average ETF (DIA, A-) rose 0.70%, with its underlying index still on track for its biggest ever quarterly point gain. The S&P 500 ETF (SPY, A) rallied 0.80%, while the tech-heavy Nasdaq ETF (QQQ, A-) jumped 0.97% higher.
In Europe, markets broadly lower on Cyprus worries; the Stoxx Europe 600 Index slipped 0.1%, logging in its biggest weekly loss since mid-November. Meanwhile, Asian markets were mixed. China’s Shanghai Composite Index and Australia’s S&P ASX 200 both gained, while Japan’s Nikkei Stock Average fell 2.4% on a stronger yen.
Bond ETF Roundup
U.S. Treasuries were mostly flat during today’s session as bond traders grew more optimistic about Cyprus. Yields on 10-year notes remained flat at 1.92%, while yields on 30-year bonds and 5-year note were steady at 3.14% and 0.789%, respectively [see also Seven Simple & Cheap ETF Model Portfolios].
Crude oil futures closed higher today on yesterday’s encouraging labor and manufacturing reports. Meanwhile, gold futures traded lower as Cyprus fears eased. Prices for silver were also lower, though platinum and palladium futures were slightly higher.
ETF Chart Of The Day #1: (XLP)
The Consumer Staples Select Sector SPDR ETF (TTT, B+) was one of the best performers today, gaining 0.92% during the session. Consumer staples shares were among today’s top performers, forcing this ETF to jump during the first two hours of trading. XLP slid sideways for the remainder of the day, eventually settling at $39.30 a share [see Consumer Centric ETFdb Portfolio].
ETF Chart Of The Day #2: (SOXX)
The PHLX SOX Semiconductor Sector Index Fund (SOXX, A-) was also one of the best performers today, gaining 1.11% during the session. Shares of Micron Technology (MU) rallied today after the chip maker reported better-than-expected quarterly revenue. As a result, this ETF jumped higher at the open. ITB slid sideways for the remainder of the day, eventually settling at $58.50 a share [see High Tech ETFdb Portfolio].
ETF Fun Fact Of The Day
The best-performing themed strategy over the trailing 1-week period has been the GLD-Free Gold Bug ETFdb Portfolio, which has gained 2.33%.
Disclosure: No positions at time of writing.