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.
The PowerShares DB Base Metals (DBB) ETF rose 42 cents, or 1.5%, to $28.66. The iShares Silver Trust (SLV) was up $1.44, or 1.1%, to $133.13. The PowerShares DB Gold (DGL) was adding 26 cents, or 1%, to $26.97. The iShares Comex Gold Trust (IAU) 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%.The SPDR Lehman Long-Term Treasury (TLO) ETF was higher by 46 cents, or 0.9%, to $49.98. The iShares Lehman 20+ Year Treasury Bond (TLT) ETF was adding 75 cents, or 0.9%, to $85.94. The iShares Lehman 10-20 Year Treasury Bond (TLH) ETF was up 55 cents, or 0.6%, to $98.24. Meanwhile, homebuilders were the worst decliners of the day after KB Home (KBH) CEO Jeffrey Mezger said that he does not expect the housing market to bottom until late 2008. Among individual names, KB Home, Centex (CTX), Hovnanian (HOV), Toll Brothers (TOL) and Lennar (LEN) were all lower by 3% or more. The iShares Dow Jones U.S. Home Construction (ITB) ETF was losing $1.06, or 3.4%, to $30.14. The SPDR S&P Homebuilders (XHB) was down 86 cents, or 2.8%, to $29.49. The PowerShares Dynamic Building & Construction (PKB) was lower by 59 cents, or 2.8%, to $20.85. Financial-related ETFs were also among the worst decliners. Morgan Stanley (MS), Merrill Lynch (MER), Lehman Brothers (LEH) and Ameriprise Financial (AMP) were all slumping by 3.1% or greater. The Ultra Financials ProShares (UYG) ETF was shedding $1.79, or 2.8%, to $62.56. The iShares Dow Jones U.S. Broker-Dealers (IAI) ETF was recently down $1.23, or 2.2%, to $54.30. The Regional Bank HOLDRs (RKH) was falling by $2.70, or 1.7%, to $152.40.