ETF Trends
05-05-2008, 04:30 PM
ETF Trends - Keeping a Grip on Exchange Traded Funds (ETFs)
http://www.etftrends.com/images/2008/05/05/ap_countrywide_070820_ms.jpg (http://etftrends.typepad.com/photos/uncategorized/2008/05/05/ap_countrywide_070820_ms.jpg) Financial stocks and exchange traded funds (ETFs) fell midday after investors became worried that Bank of America (BAC (http://finance.yahoo.com/q?s=bac)) might not complete a proposed buyout of Countrywide Financial (CFC (http://finance.yahoo.com/q?s=cfc)).
A brokerage said Bank of America was either going to renegotiate the deal or walk away from it altogether, reports Jennifer Coogan for Reuters (http://biz.yahoo.com/rb/080505/markets_stocks.html?.v=8). The news kicked the market while it was already down from the failed Yahoo (YHOO (http://finance.yahoo.com/q?s=yhoo))/Microsoft (MSFT (http://finance.yahoo.com/q?s=msft)) deal.
On the upside, the service sector defied expectations and grew in April, reports Burton Frierson for Reuters (http://biz.yahoo.com/rb/080505/usa_economy.html?.v=1). It was the first time the sector grew in four months. It covers financial, airlines, hotels and restaurants and represents roughly 80% of the U.S. economy.
The market responded to the report positively, but then resumed its southward direction.
Financial ETFs were down in trading today, as well. Among them:
Regional Bank HOLDRs (RKH (http://finance.yahoo.com/q?s=rkh)): down 1.6% year-to-date; Bank of America is 9.1%
iShares Dow Jones US Financial Services (IYG (http://finance.yahoo.com/q?s=iyg)): down 4% year-to-date; Bank of America is 10.9%
Vanguard Financials (VFH (http://finance.yahoo.com/q?s=vfh)): down 2.7% year-to-date; Bank of America is 6.6%http://www.etftrends.com/images/2008/05/05/z_3.png (http://etftrends.typepad.com/photos/uncategorized/2008/05/05/z_3.png)
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/284187959/financial-etfs.html)
http://www.etftrends.com/images/2008/05/05/ap_countrywide_070820_ms.jpg (http://etftrends.typepad.com/photos/uncategorized/2008/05/05/ap_countrywide_070820_ms.jpg) Financial stocks and exchange traded funds (ETFs) fell midday after investors became worried that Bank of America (BAC (http://finance.yahoo.com/q?s=bac)) might not complete a proposed buyout of Countrywide Financial (CFC (http://finance.yahoo.com/q?s=cfc)).
A brokerage said Bank of America was either going to renegotiate the deal or walk away from it altogether, reports Jennifer Coogan for Reuters (http://biz.yahoo.com/rb/080505/markets_stocks.html?.v=8). The news kicked the market while it was already down from the failed Yahoo (YHOO (http://finance.yahoo.com/q?s=yhoo))/Microsoft (MSFT (http://finance.yahoo.com/q?s=msft)) deal.
On the upside, the service sector defied expectations and grew in April, reports Burton Frierson for Reuters (http://biz.yahoo.com/rb/080505/usa_economy.html?.v=1). It was the first time the sector grew in four months. It covers financial, airlines, hotels and restaurants and represents roughly 80% of the U.S. economy.
The market responded to the report positively, but then resumed its southward direction.
Financial ETFs were down in trading today, as well. Among them:
Regional Bank HOLDRs (RKH (http://finance.yahoo.com/q?s=rkh)): down 1.6% year-to-date; Bank of America is 9.1%
iShares Dow Jones US Financial Services (IYG (http://finance.yahoo.com/q?s=iyg)): down 4% year-to-date; Bank of America is 10.9%
Vanguard Financials (VFH (http://finance.yahoo.com/q?s=vfh)): down 2.7% year-to-date; Bank of America is 6.6%http://www.etftrends.com/images/2008/05/05/z_3.png (http://etftrends.typepad.com/photos/uncategorized/2008/05/05/z_3.png)
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/284187959/financial-etfs.html)