Tuesday's ETF Winners & Losers
Exchange-traded funds tracking precious metals were among the best performers of Tuesday's session, as speculators drove up gold and silver prices on expectations of an interest rate cut at the
Federal Reserve
meeting next week.
The Fed is set to meet next Tuesday. Recently, gold futures were surging by $9.50 to $721.70 an ounce. Silver was also on the rise, climbing 20 cents to $12.90 an ounce. Copper and platinum were also trading up.
The
PowerShares DB Base Metals
(DBB) - Get Report
was adding 69 cents, or 2.9%, to $24.89. The
Market Vectors Steel
(SLX) - Get Report
ETF gained $1.66, or 2.5%, to $67.80. The
Market Vectors Gold Miners
(GDX) - Get Report
was up $1.05, or 2.6%, to $41.99. The
SPDR S&P Metals & Mining
(XME) - Get Report
rose 94 cents, or 1.7%, to $57.75.
Bundled securities tracking the biotech sector were also higher, thanks to a surge in
ImClone
(IMCL)
. Clinical trial data showed that the company's Erbitux drug helped lung cancer patients live longer. ImClone's development partner
Bristol-Myers Squibb
(BMY) - Get Report
was also trading stronger.
The
First Trust Amex Biotechnology Index
(FBT) - Get Report
was adding 56 cents, or 2.3%, to $25.14. The
iShares Nasdaq Biotechnology
(IBB) - Get Report
was up $1.15, or 1.4%, to $81.19. The
SPDR S&P Biotech
(XBI) - Get Report
was higher by 64 cents, or 1.1%, at $57.06.
The
Internet HOLDRs
(HHH)
was also gaining ground. Holding
eBay
(EBAY) - Get Report
jumped 3.2% after JPMorgan said the Internet auction site's new listings rose 6.1% year-over-year.
On the other hand, oil-related ETFs were declining following OPEC's decision to boost its production quota by 500,000 barrels a day to soothe volatile oil markets.
The
iPath S&P GSCI Crude Oil
(OIL) - Get Report
fell 55 cents, or 1.3%, to $43.05. The
United States Oil
(USO) - Get Report
ETF was down 67 cents, or 1.1%, to $58.12. The
Oil Service HOLDRs
(OIH) - Get Report
was losing $2.11, or 1.1%, to $179.80.