Exchange-traded funds tracking financial names were among the worst decliners of a holiday-shortened week on Wall Street following more disappointing writedown news and several credit downgrades.
For the week, the iShares S&P Global Financials (IXG Quote) ETF eased 3% to $79.67. The iShares Broker-Dealers (IAI Quote) ETF slumped 1.6% to $50.81. The Financial Select Sector SPDR (XLF Quote) ETF lost 1.5% to $28.86. On Wednesday, Goldman Sachs increased its writedown projections for Citigroup (C Quote), Merrill Lynch (MER Quote) and JPMorgan Chase (JPM Quote). The firm now expects a combined $33.6 billion in fourth-quarter writedowns to be announced. During the same trading session, Fitch Ratings said it placed the credit ratings for residential mortgage-backed securities backed by bond insurers on watch for a possible downgrade. Among those that could be affected are securities insured by MBIA (MBI Quote), Ambac Financial (ABK Quote) and Security Capital Assurance (SCA Quote).- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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