Exchange-traded funds tracking financial stocks were among the worst performers this week as uncertainty abounded regarding impending first-quarter writedowns at the sector's biggest names.
At the end of the week, Ultra Financials ProShares (UYG Quote) had tanked 11.1%. The Financial Select SPDR (XLF Quote), Vanguard Financials (VFH Quote) and iShares Dow Jones U.S. Financial Sector (IYF Quote) lost 6.1% or more.
The week saw Oppenheimer predicting that Citigroup (C Quote), Merrill Lynch (MER Quote) and UBS (UBS Quote) will probably write off another large batch of soured assets and post losses for the first quarter. Further, speculation resurfaced that Lehman Brothers (LEH Quote) is suffering from liquidity troubles -- a suggestion the firm has fought back against. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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| 10,441.12 | 1,109.18 | 2,206.91 | 35.96 |
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