Tech earnings propped up several exchange-traded funds during a week where the
Dow Jones Industrial Average
topped the 14,000 level for the first time.
Internet Architecture HOLDRs
( IAH) was one of the week's best performers, as holdings
jumped on better-than-expected earnings Thursday.
The Internet Architecture HOLDRs ended the week with a gain of 2.8% at $51.44.
also benefited from strong earnings results. German business software giant
, which is one of the ETF's holdings, saw second-quarter revenue and operating income jump 10%. The ETF climbed 2.5% on the week to $42.72.
Elsewhere, ETFs tracking silver were among the winners, as silver futures jumped 2.2% to close at $13.40 an ounce. The
iShares Silver Trust
climbed 2.1% to $132.32. The
PowerShares DB Silver
ETF added 2% to $26.17.
Gold-related ETFs also rose. Futures ended higher by 2.6% at $684.70 an ounce. The
Market Vectors Gold Miners
ETF added 4.2% to $43.04. The
iShares Comex Gold Trust
closed higher by 2.5% to $67.65. The
streetTRACKS Gold Shares
ETF gained 2.4% to end the week at $67.60.
Financial-related ETFs were hit hardest during the week. On Wednesday,
( BSC) told investors that investments in two subprime-related funds are nearly worthless, reigniting fears of the effects of the subprime fallout. Bear Stearns dropped 5.7% over the five sessions.
Ultra Financials ProShares
ETF fell 7.5% to $62.14. The
iShares Dow Jones U.S. Broker-Dealers
ETF was down 5.2% to $54.24. The
iShares Dow Jones U.S. Financial Services
ETF shed 3.6% to $127.66.
Housing-related ETFs were also among the worst performers of the week. On Wednesday, the Census Bureau said U.S. housing starts rose a greater-than-expected 2.3% in May to 1.47 million annualized units, but said building permits dropped 7.5% to 1.40 million last month, below the expected 1.49 million annual pace.
Near the end of the week,
CEO Jeffrey Mezger said that he does not expect the housing market to bottom until late 2008, pressuring the sector.
For the week, the
iShares Dow Jones U.S. Home Construction
ETF fell 4.2% to finish at $30.46. The
ETF shed 3.2% to $29.93.