Exchange-traded funds tracking Internet and software stocks were the biggest winners of the week, rising on the back of M&A activity in the software sector.
surged 38% after software giant
(ORCL - Get Report)
made an unsolicited bid for the company.
Internet Infrastructure HOLDRs
jumped 12% over the five sessions to $5.85. The
First Trust Dow Jones Internet Index
added 3.9% to $27.94. The
iShares S&P GSTI Software
ETF ended up 3.9% at $53.31.
ETFs tracking Asia's markets were also among the top winners of the week thanks to big gains overseas. Over the five sessions, Hong Kong's Hang Seng rose 4.6%, and Japan's Nikkei climbed 1.6%.
iShares FTSE/Xinhua China 25 Index
advanced 5.5% to $202.20. The
SPDR S&P China
ETF added 5.2% to close at $103.81. The
PowerShares Golden Dragon Halter USX China
gained 3.4% to $35.78.
On the other hand, homebuilding and construction-related ETFs were among the worst performers of the week as several builders suffered from an analyst downgrade.
Wachovia lowered its 2007 and 2008 earnings estimates for 13 companies in the group, noting escalating cancellation rates and ineffective promotions. Among those cut were
(LEN - Get Report)
(TOL - Get Report)
For the week, the
iShares Dow Jones U.S. Home Construction
ETF sank 4.7% to $21.72. The
SPDR S&P Homebuilders
ETF shed 2% to $22.90.