Exchange-traded funds tracking oil were some of the worst performers this week as a surging U.S. dollar sharply pulled down oil prices following a days-long tear into record territory.
Oil started the week off with a bang after news broke that Nigerian militants had attacked two oil pipelines, but the crude rally cooled after the greenback staged a big recovery Thursday. Futures took back a great deal of those losses Friday as fresh supply worries cropped up, but oil-related stocks ended up beaten down for the week.
Oil Services HOLDRs
slid 3% for the week, the
PowerShares Dynamic Oil & Gas Services
fund was down 1.7%, and the
iShares Dow Jones U.S. Energy
Bundled securities tracking gold-related shares also fell over the past five sessions as the metal followed oil downward Thursday amid a stronger dollar.
Since Monday, the
Market Vectors Gold Miners ETF
has tumbled 9%, the
iShares COMEX Gold Trust
has dropped 4%, and
streetTRACKS Gold Shares
has given up 3.7%.
On the flip side, ETFs tracking the financial sector clambered upward as investors continued to find clues that the group has weathered the credit storm and is poised for recovery.
, for instance, maintained its dividend, indicating that it now has a healthy cash pile and can thus afford to do so. The stock added 4.8% for the week.
The week also saw
slashing its dividend, posting a quarterly loss, and launching a heavily discounted equity sale in an effort to raise capital, and
swung to a big shortfall as well. Nat City plummeted 24.1% over the past five sessions, and Ambac tanked 35.5%. Still, the sector was generally in better shape at the end of the week.
Financial Select Sector SPDR
iShares Dow Jones U.S. Financial Sector
ETF each tacked on 1.9% for the week, and the
Ultra Financials ProShares