Exchange-traded funds tracking the financial and real estate sectors continued their seesaw Tuesday, trading up on news that some key players were better positioning themselves in the ongoing liquidity crisis.
In the financial space,
(CFC) was on the rise, after the
Wall Street Journal reported that superinvestor Warren Buffett could be interested in buying parts of it.
(COF) was also making gains, despite shutting down its GreenPoint Mortgage unit and eliminating 1,900 jobs. Investors cheered the move away from the mortgage space.
WisdomTree International Financial
(DRF) was gaining 87 cents, or 3.3%, to $26.98. The
PowerShares FTSE RAFI Financials
(PRFF) was rising 71 cents, or 1.4%, to $50.07. The
PowerShares Dynamic Banking
(PJB) was advancing 31 cents, or 1.4%, to $22.80.
Funds tracking real estate investment trusts also were performing well.
Vornado Realty Trust
(VNO) were both rising about 3%.
The First Trust S&P REIT
was adding 44 cents, or 2.5%, to $17.76. The
iShares FTSE NAREIT Real Estate 50
was gaining 87 cents, or 2%, to $43.37. The
iShares FTSE NAREIT Residential
was adding 66 cents, or 1.7%, to $46.91.
Technology-related ETFs also had a solid day, as the Nasdaq 100 index climbed about 17 points to 1910. The
Internet Infrastructure HOLDRs
was rising 11 cents, or 2.4%, to $4.73. The
PowerShares Dynamic Hardware & Cons Elec
was adding 25 cents, or 1.4%, to $18.38. The
First Trust Dow Jones Internet Index
was gaining 35 cents, or 1.5%, to $23.84.
Concerns about Hurricane Dean's impact on drilling facilities in the Gulf of Mexico subsided as the storm weakened, sinking ETFs tacking the sector. Crude futures fell $1.65 to $69.47. Natural gas slipped 22 cents to $5.82.
Ultra Oil & Gas ProShares
was losing $2.83, or 3.1%, to $88.63. The
United States Natural Gas
ETF was off 91 cents, or 2.4%, to $37.79. The
SPDR S&P Oil & Gas Equipment & Services
was sinking 88 cents, or 2.5%, to $34.96. The
PowerShares DB Oil
was losing 28 cents, or 1.1%, to $25.82.
Silver-related funds were also among the losers, as silver futures declined 23 cents to $11.51.
iShares Silver Trust
was losing $2.79, or 2.4%, to $114.50. The
PowerShares DB Silver
was off 39 cents or 1.7%, to $22.74.