NEW YORK (
) -- Markets returned most of their gains on Tuesday, ending the day marginally positive. However, ETFs tracking commodities, including mining and materials, ended Tuesday on a relatively stronger note.
Following the Reserve Bank of Australia's comments that its economy's growth is on track and that China's expansion is stabilizing, the
iShares Emerging Markets Materials Index
rose 4.81% in early trading on Tuesday, before cooling off to settle at $20.67, up 1.45%. The
SPDR S&P International Materials Fund
gained 3.43%, led by gains in two of its top holdings,
The PowerShares DBB Base Metals Fund
, an exchange-traded fund that tracks the price movement of base metals, rose 1.97%.
Market Vectors Trust Steel
rose 1.5%. Its holdings include
Cliff Natural Resources
(CLF - Get Report)
, which announced the
acquisition of INR Energy's coal operations
With oil rising above $73 a barrel, oil ETFs also saw a spike during Tuesday's morning session. The
United States Oil Fund
rose 1.69% to $33.14. Those gains were quickly erased after oil prices retreated.
ETFs that counted
(BP - Get Report)
among their top holdings also rose, with the stock gaining 8.7% after the company announced that it would not need to issue equity and was upgraded to a buy rating by RBS.
Revenue Shares ADR Fund
BLDRS Europe 100 ADR
featured in the gainers list.
Natural gas ETFs were in the spotlight as a heat wave threatens to engulf the northeastern states, triggering demand for more power. The
United States Natural Gas Fund
shot up 4.45% to $8.22 before cooling off to $7.90.
Solar energy ETFs are basking in the sun as well. While most of the action in solar stocks reflected positive investor sentiment in the markets, Germany's move to
reduce subsidies for rooftop solar projects
was also a minor positive.
Claymore MAC Global Solar Energy ETF
soared 4.45%, led by gains in
(FSLR - Get Report)
JA Solar Holdings
(JASO - Get Report)
-- Reported by Shanthi Venkataraman in New York.
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