Exchange-traded funds tracking the financial sector were among the biggest winners this week, propelled by the
decision to cut its overnight lending rate by another quarter-point to 2%.
Ultra Financials ProShares
had a particularly good week, surging 5.2% since Monday.
At the same time, the
Financial Select Sector SPDR
Vanguard Financials ETF
iShares Dow Jones U.S. Financial Sector
fund and the
iShares S&P Global Financials
ETF each added 2.3% or more.
The central bank provided further cushion to financials Friday when it ratcheted up its term auction facility by 50% to $150 billion, meaning banks will have that much more money available for borrowing.
Since Monday, two of the Dow's financial components --
Bank of America
(BAC - Get Report)
(JPM - Get Report)
-- added 3.9% and 1.8%, respectively, though
(C - Get Report)
ticked 0.8% lower, weighed down by this week's news that it would offer $4.5 billion in stock.
Suffering the flip-side of the Fed's decision were commodities-related ETFs. Among the worst-performing energy ETFs were
Oil Services HOLDRs
PowerShares Dynamic Oil & Gas Services
United States Oil
iShares Dow Jones U.S. Energy
. All have sunk at least 2.1% apiece over the past five sessions.
Those declines came despite climbs at
(CVX - Get Report)
(BP - Get Report)
, which both reported higher profits this week on the back of the oil boom, and for the week were up 2.8% and 4.4%, respectively.
(XOM - Get Report)
was a notable exception, sliding 3.1% since Monday after failing to hit analyst estimates for the first quarter, despite a surging bottom line.
As for gold, the
Market Vectors Gold Miners ETF
slid 4.7% for the week, while the
iShares COMEX Gold Trust
streetTRACKS Gold Shares
fund each dropped 3.1%.