Exchange-traded funds tracking financial stocks were, once again, among the worst performers of the week amid heightened recessionary chatter and more hints that the sector's worries are far from over.
The Ultra Financials ProShares (UYG Quote) ETF slid 8.6% for the week, the iShares Dow Jones U.S. Financial Services (IYG Quote) fund lost 5.1%, and the Financial Select Sector SPDR (XLF Quote) surrendered 4.7%.
The financial space -- which has been the crux of the market's travails over the past few months -- swallowed more poison earlier this week. The sector endured a confluence of dreary comments from former Federal Reserve chairmen Alan Greenspan and Paul Volcker and the International Monetary Fund as well as downbeat minutes from the Fed's last gathering in March. Further, Lehman Brothers (LEH Quote) disclosed that, last quarter, it was forced to liquidate three deteriorating funds worth around $1 billion. The stock was off 9.5% for the week. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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