Over the last week, the market was quiet, perhaps too quiet. The Dow Jones Industrial Average, S&P 500 and Nasdaq-100 each fell less than 1%. Meanwhile, the financial funds we track were on the move, sliding an average of 3.52% for the five trading days ended Thursday, April 10.
The poor banking sector performance may have been a harbinger of trouble for General Electric's(GE Quote) finance unit. Just prior to the end of the first quarter, the financial industry credit seizure forced GE to lower the presumed value of some of its securities held and prevented the sale of other financial assets.
Ultra Financials ProShares(UYG Quote) tops the worst-performing list this week, losing 8.18%. When financial stocks are contracting in value, being 200% long the Dow Jones U.S. Financials Index is double trouble. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,388.90 | 1,105.98 | 2,194.35 | 34.83 |
Oil *
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UP
22.75
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UP
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21.21
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