Exchange-traded funds related to financials were the worst performers of a losing week as credit concerns continued to swirl in the aftermath of a rate cut by the
The central bank cut the fed funds rate by 25-basis points on Wednesday, but the move did little to calm fears over exposure to the subprime mortgage mess.
fell more than 9% on the week.
Additionally, shares of
( MER) dropped nearly 13% over the five sessions following the departure of embattled CEO Stan O'Neal.
Ultra Financial ProShares
ETF tumbled 10.6% to $48.98. The
ETF fell 6.1% to $47.91. The
iShares Dow Jones U.S. Broker-Dealers
ETF was lower by 3.6% to $51.97.
ETFs tracking homebuilders were among the biggest decliners as they were also dragged lower by the credit fears.
all lost 8% or more.
For the week, the
iShares Dow Jones U.S. Home Construction
ETF sank 8.5% to $19.68. The
SPDR S&P Homebuilders
ETF shed 8.4% to $20.96.
On the other hand, energy-related ETFs were among winners as crude set multiple records during the week. Crude ultimately added 4.4% over the five sessions to close at $95.93.
PowerShares DB Oil
ETF rose 4.7% to $34.44. The
iPath S&P GSCI Crude Oil Index
ETF finished up 4.6% to $55.07. The
United States Oil
added 4.5% to $74.35.
Chip stocks also finished the week higher as tech shares were unaffected by the subprime woes.
Advanced Micro Devices
were all better by 2.2% or more.
Ultra Semiconductor ProShares
ETF rose 3.7% to $82.20. The
gained 1.4% to $34.25. The
iShares S&P GSTI Semiconductor
ETF added 1.3% to $64.02.