NEW YORK (
) -- Markets recovered in the latter half of Friday's trading after dropping more than 1% following weak jobs data.
Consumer-focused exchange-traded funds came under selling pressure early in the day, soon after data showed that the U.S. economy shed 131,000 jobs, far more than the projected 87,000 decrease. On Thursday, retailers declared lower-than-expected same-store sales, which also worsened investor sentiment.
By the end of the Friday session, this particular batch of ETFs managed to recover some of their losses, though they still finished in the red.
SPDR S&P Retail ETF
, which shed more than 2% in early trading, closed 0.5% lower. Its top holdings include
, which lost close to 4% after an analyst at
downgraded the stock to market perform.
Consumer Discretionary Select SPDR
gave up 0.7%, dragged lower by selling in
, among other stocks.
Vanguard Consumer Discretionary
First Trust Consumer Discretionary AlphaDEX
, an actively-traded ETF, were other prominent losers.
Financial ETFs also lost ground, even as markets recovered. The
SPDR Financial Select Sector
Weak economic data, however, helped drive investor appetite for gold and gold-mining ETFs. The
SPDR Gold Trust
rose by 0.8%, and
Market Vectors Gold Miners ETF
, rose by nearly 1%.
-- Reported by Shanthi Venkataraman in New York.
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