Exchange-traded funds tracking precious metals were among the few winners of a losing session Friday, as gold and silver prices were on the rise.
Recently, gold futures were adding $5.50 to $683.60 an ounce, and silver was higher by 7 cents to $13.44 an ounce.
PowerShares DB Base Metals
ETF rose 42 cents, or 1.5%, to $28.66. The
iShares Silver Trust
was up $1.44, or 1.1%, to $133.13. The
PowerShares DB Gold
was adding 26 cents, or 1%, to $26.97. The
iShares Comex Gold Trust
ETF was climbing by 52 cents, or 0.8%, to $67.64.
Bundled securities following U.S. Treasuries were also higher, as bonds rallied Friday. The 10-year note was up 19/32 in price, yielding 4.94%, and the 30-year bond was higher by 28/32, yielding 5.05%.
SPDR Lehman Long-Term Treasury
ETF was higher by 46 cents, or 0.9%, to $49.98. The
iShares Lehman 20+ Year Treasury Bond
ETF was adding 75 cents, or 0.9%, to $85.94. The
iShares Lehman 10-20 Year Treasury Bond
ETF was up 55 cents, or 0.6%, to $98.24.
Meanwhile, homebuilders were the worst decliners of the day after
CEO Jeffrey Mezger said that he does not expect the housing market to bottom until late 2008. Among individual names, KB Home,
were all lower by 3% or more.
iShares Dow Jones U.S. Home Construction
ETF was losing $1.06, or 3.4%, to $30.14. The
SPDR S&P Homebuilders
was down 86 cents, or 2.8%, to $29.49. The
PowerShares Dynamic Building & Construction
was lower by 59 cents, or 2.8%, to $20.85.
Financial-related ETFs were also among the worst decliners.
were all slumping by 3.1% or greater.
Ultra Financials ProShares
ETF was shedding $1.79, or 2.8%, to $62.56. The
iShares Dow Jones U.S. Broker-Dealers
ETF was recently down $1.23, or 2.2%, to $54.30. The
Regional Bank HOLDRs
was falling by $2.70, or 1.7%, to $152.40.