Housing-related exchange-traded funds were the best performers of week, after unexpectedly strong new-home sales data hinted that the sector may be close to bottoming.
Shortly after Thursday's session began, a Commerce Department report said that new-home sales rose 16.2% last month to an annual rate of 981,000 units. Economists were looking for only an 860,000 pace.
Housing ETFs managed to avoid pitfalls during the week, including Friday's weak report on existing-home sales, as well as a disappointing fiscal second-quarter earnings report from
(TOL) on Thursday.
For the week, the
iShares Dow Jones U.S. Home Construction
(ITB) ETF added 3.2% to finish at $37.33. The
(XHB) ETF rose 2.6% to $35.52.
Bundled securities tracking the Internet sector also had a strong week. The sector was led higher by an 8.3% gain in
tacked on 4%,
was higher by 3%, and
was up 2.8%.
First Trust Dow Jones Internet Index
was the best performer of the Internet ETFs, finishing up 1.3% at $25.61. The
Internet Infrastructure HOLDRs
added 1% to $5.16, and the
climbed 0.9% to $61.31.
On the losing side, bundled securities tracking chipmakers were the worst performers of the week. Following Tuesday's close,
provided third-quarter guidance that fell short of expectations. JPMorgan also downgraded the stock to neutral from overweight. Analog Devices slumped 11.2% over the five sessions.
Among other chipmakers,
Advanced Micro Devices
shed 5.3% for the week,
fell 2.7%, and
Ultra Semiconductor ProShares
ETF fell 4.7% to $76.35. The
ETF was lower by 2.4% to $36.26. The
iShares Goldman Sachs Semiconductor
ETF was down 2.1% to $63.56. The
PowerShares Dynamic Semiconductors
ETF eased 1.2% to $18.86.
Utility-related ETFs were also among the biggest losers. Among individual names,
slid 6.6% for the week,
eased 5.9%, and both
American Electric Power
were lower by 3.8%.
Ultra Utilities ProShares
shed 8.5% to $86.40. The
Vanguard Utilities ETF
lost 3.9% to $85.78, and the
fell 3.8% to $145.88.