Exchange-traded funds tracking financial names were among the few losers in a banner week on Wall Street.
Disappointing earnings and more writedowns held the financial ETFs back.
For the week, the First Trust Financial AlphaDex (FXO) ETF was lower by 2.7% to $15.69. The iShares S&P Global Financials (IXG) ETF eased 0.4% to $82.02. The Financial Select Sector SPDR (XLF) ETF lost 0.1% to $29.33.
On Wednesday, Morgan Stanley (MS) reported a fourth-quarter loss of $3.61 a share and said it had to write down the value of its mortgage-related assets by $9.4 billion. The following day, Bear Stearns (BSC) posted a quarterly loss, the first in the company's history, due to a $1.9 billion writedown from mortgage-related losses.Goldman Sachs (GS) handily beat Wall Street's fourth-quarter earnings and revenue estimates on Tuesday, but still finished lower for the week. Additionally, Standard & Poor's cut its credit outlook Wednesday for MBIA (MBI) and Ambac (ABK) to negative from stable. On the winning side, a blockbuster report from Research In Motion (RIMM) boosted the Wireless HOLDRs (WMH) ETF. The BlackBerry maker posted third-quarter earnings and revenue Friday that more than doubled from a year ago. The Wireless HOLDRs ETF finished up 2.8% at $73.70. Fellow tech giant Oracle (ORCL) reported a fiscal second-quarter profit that jumped 35% from a year ago, surpassing Wall Street's estimates. The Software HOLDRs (SWH - Get Report) finsihed the week higher by 2% at $44.37.