Exchange-traded funds related to financials were among the best performers of a winning week, despite mixed earnings reports from key names in the sector.
(MER) sank sector ETFs, following its greater-than-expected $7.9 billion writedown due to the credit crisis. The stock, however, rebounded Friday on rumors CEO Stan O'Neal would be forced out of the position.
(CFC) rosy guidance on Friday also buoyed financial names, helping the stock to finish the week higher.
Ultra Financial ProShares
(UYG) added 5.2% to $54.79. The
iShares Dow Jones U.S. Broker-Dealers
(IAI) was higher by 5.1% to $53.93. The
(KBE) ETF rose 3% to $51.02.
Energy-related ETFs were also among the winners, as crude set multiple records during the week. The December benchmark contract touched a high of $92.22 a barrel on Friday. Crude ultimately added 5.6% over the course of the week to close at $91.86.
United States Oil
added 6% to $71.17. The
iPath S&P GSCI Crude Oil Index
ETF finished up 5.9% to $52.66.
ETFs tracking Internet and software stocks were also higher for the week, following strong reports from
, among others.
gained 4.3% over the five sessions to $67.28. The
First Trust Dow Jones Internet Index
added 3.3% to $27.78. The
iShares S&P GSTI Software
ended up 2.2% to $52.24.
On the other hand, chip-related ETFs were the week's worst decliners, following gloomy earnings releases from
Ultra Semiconductor ProShares
ETF slipped 7.2% to $79.24. The
ETF slid 5.2% to $33.79. The
PowerShares Dynamic Semiconductors
ETF was down 2.6% to $17.85.