Exchange-traded funds tracking financial stocks were among the best performers this week as traders hoped -- again -- that banks are finally close to getting rid of the last of their soured assets.
The Ultra Financials ProShares (UYG Quote) soared 12.3% for the week. The Financial Select Sector SPDR (XLF Quote), iShares Dow Jones U.S. Financial Services (IYG Quote) and Vanguard Financials (VFH Quote) ETF added 5.9% or more.
Earlier this week, both UBS (UBS Quote) and Deutsche Bank (DB Quote) announced they'll be taking billions more in writedowns in the first quarter, leading traders to surmise that financial firms are making a final push to get rid of those bad assets and move past the subprime calamity that has dragged down the market. Also cheering traders was news that UBS and Lehman Brothers (LEH Quote) have set plans to raise more capital. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,308.26 | 1,096.07 | 2,180.05 | 34.87 |
Oil *
73.22
|
|
DOWN
132.86
|
DOWN
13.11
|
DOWN
26.86
|
DOWN
1.09
|
10 Yr
3.49%
SPDR Gold
107.34
|
|
-1.27%
|
-1.18%
|
-1.22%
|
-3.03%
|
Data delayed 20 minutes |
Connect with TheStreet