Exchange-traded funds tracking tech shares were among the biggest winners for the week as several big names delivered solid first-quarter numbers.
(HHH) ETF gained 4.5% for the week, and the
Internet Architecture HOLDRs
(IAH) surged 6.7%. The
(SMH) rose 2.9%, and the
iShares S&P GSTI Semiconductor
(IGW) climbed 3.9%.
The upward momentum came as search giant
(GOOG) helped spark a massive rally Friday and chipmaker
(INTC - Get Report) did the same a couple of days earlier, both thanks to better-than-expected earnings. Google jumped 17.9% for the week as Intel tacked on 6.2%.
(IBM - Get Report), meanwhile, helped the Dow hold its own on Thursday as the computer maker topped expectations with a leaping quarterly profit. For the week, the stock was up 7.2%.
Also gaining ground this week were ETFs tracking financial stocks. The week saw mixed results, but some big names, most notably,
(C - Get Report)
(JPM - Get Report)
, allayed investors' fears with first-quarter results that weren't thoroughly dismal. Citi missed the average Wall Street estimate but its first-quarter writedowns weren't nearly as bad as some were predicting, and JPMorgan's sliding profit came in above the consensus. Shares added 7.5% and 7.6%, respectively, over the past five sessions.
At the same time, the
Financial Select Sector SPDR
Ultra Financials ProShares
iShares Dow Jones U.S. Financial Sector
iShares S&P Global Financials
all advanced between 4.7% and 10.6%.
Also, in a week that saw crude oil hitting record intraday highs every day, the
Oil Services HOLDRs
jumped 10.9%, the
Ultra Oil & Gas ProShares
rocketed 16.1%, the
United States Oil
climbed 5.9%, and the
Energy Select Sector SPDR
ramped up 8%.
On the flip side, bundled securities tracking gold slipped as gold futures sank for the week.
PowerShares DB Gold
iShares COMEX Gold Trust
streetTRACKS Gold Shares
funds were all down 0.7% or more.
Finally, ETFs tracking Treasury securities faltered as investors shifted their money out of the safe haven of government bonds, having regained at least some of their confidence in equities.
iShares Lehman 20+ Year Treasury Bond
fund was off 3.3% for the week, the
iShares Lehman 10-20 Year Treasury Bond
surrendered 2.4%, and the
iShares Lehman 7-10 Year Treasury
was down 1.7%.