NEW YORK (
) -- Stocks continue to decline for the third straight day on Thursday after jobless claims unexpectedly rose and
announced disappointing results.
Tech ETFs are suffering the brunt of the decline after Cisco missed revenue estimates and gave a cautious outlook. The
Internet Architecture HOLDRS
( IAH), which has a 12% exposure to Cisco, is shedding 2%. The
iShares S&P North America Tech-Multimedia Networking ETF
, which has a 9% holding in Cisco, is down 3.3%.
Other tech ETFs such as
PowerShares Semiconductor ETFs
SPDR S&P International Sector
are also declining on weak investor sentiment.
Solar ETFs were prominent gainers amid selling on Thursday morning. On Tuesday
( SPWRA) announced strong results and raised their guidance spurring further buying interest in the sector.
Claymore/MAC Global Solar Energy
Market Vectors Solar ETF
are rising by 2.3% and 1.7% respectively.
Gold ETFs are also up as gold prices inch higher to $1214.70 an ounce. The
SPDR Gold Trust
is gaining 1% in afternoon trading. ETFs tracking gold miners are doing better, with the
Market Vectors Junior Gold Miners ETF
rising 3.3% and the
Market Vectors Gold Miners ETF
-- Reported by Shanthi Venkataraman in New York.
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