This Week's ETF Winners & Losers
As the three major U.S. averages dropped more than 1.6% for the week, nearly every exchange-traded fund was lower over the five sessions.
Financial-related
were hit hard. On Wednesday,
Bear Stearns
(BSC)
fell 2.5% amid worries about two of its hedge funds, reigniting fears about the effects of the subprime fallout.
The
Ultra Financials ProShares
(UYG) - Get Report
ETF ended down 5.5% to $66.55. Additionally, the
iShares Dow Jones Broker-Dealers
(IAI) - Get Report
was lower by 3.4% to $55.89.
Housing-related ETFs were among the worst performers of the week. On Tuesday, a government report said U.S. housing starts fell a greater-than-expected 2.1% in May to 1.47 million annualized units. On average, economists were looking for new construction to total 1.48 million units.
For the week, the
SPDR Homebuilders
(XHB) - Get Report
ETF shed 4.2% to $31.72. The
iShares Dow Jones U.S. Home Construction
(ITB) - Get Report
ETF fell 4% to finish at $32.90.
Several biotech-related bundled securities also declined. On Monday, shares of
Encysive Pharmaceuticals
(ENCY)
plunged 43.4% after the Food and Drug Administration refused to approve the company's treatment for pulmonary arterial hypertension, Thelin.
The
SPDR S&P Biotech
(XBI) - Get Report
ETF was lower by 5.2% to $50.60. The
PowerShares Dynamic Biotech & Genome
(PBE) - Get Report
ETF was down 4.2% to $18.24. The
iShares Nasdaq Biotechnology
(IBB) - Get Report
lost 3.9% to $78.10.
Securities tracking energy exploration were also among the decliners, even after the front-month crude contract jumped amid labor strikes in Nigeria. Crude oil finished the week with a gain of nearly 1% at $69.41 a barrel.
The
Ultra Oil & Gas ProShares
(DIG) - Get Report
eased 3.9% to $99.12. The
SPDR S&P Oil & Gas Exploration & Production
(XOP) - Get Report
ETF fell 2% to $47.63, and the
PowerShares Dynamic Energy Exploration
(PXE) - Get Report
ETF lost 1.3% to $23.53.
