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Exchange-traded funds tracking basic materials were among the best performers of May's first full week following Monday's bid for a potential blockbuster deal between two major industrial concerns.
As the week started, Pittsburgh-based aluminum giant Alcoa (AA Quote) said it was launching an effort to buy Canada's Alcan (AL Quote) for $27 billion. Alcoa jumped 6.8%, and Alcan surged more than 31%.
The Ultra Basic Materials ProShares (UYM Quote) ETF added 3.7% to $87. The iShares Dow Jones U.S. Basic Materials (IYM Quote) ETF was higher by 1.7% at $68.93. The Materials Select Sector SPDR (XLB Quote) gained 1% to $39.78. ...
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