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Exchange-traded funds tracking the financial sector were some of the worst performers of the week as the space was hit with a deluge of rotten news.
The Financial Select Sector SPDR (XLF Quote) slid 6.1%, and the iShares Dow Jones U.S. Broker-Dealers (IAI Quote) ETF lost 5.6%. The iShares Dow Jones U.S. Financial Services (IYG Quote) was off 6.5%.
The moves came as financials were battered with one bad piece of news after another, especially in the latter half of the week. Most recently, margin calls at Thornburg Mortgage (TMA Quote), as well as word that Swiss bank UBS (UBS Quote) had cheaply sold a large chunk of mortgage securities, dragged down shares at those names and worked to throttle the rest of the market. ...
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