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Exchange-traded funds tracking financial names were among the worst decliners of a holiday-shortened week on Wall Street following more disappointing writedown news and several credit downgrades.

For the week, the

iShares S&P Global Financials


ETF eased 3% to $79.67. The

iShares Broker-Dealers


ETF slumped 1.6% to $50.81. The

Financial Select Sector SPDR


ETF lost 1.5% to $28.86.

On Wednesday, Goldman Sachs increased its writedown projections for




Merrill Lynch

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JPMorgan Chase


. The firm now expects a combined $33.6 billion in fourth-quarter writedowns to be announced.

During the same trading session, Fitch Ratings said it placed the credit ratings for residential mortgage-backed securities backed by bond insurers on watch for a possible downgrade. Among those that could be affected are securities insured by




Ambac Financial



Security Capital Assurance



Homebuilders also finished lower for the week. On Friday, the Census Bureau said that new-home sales plummeted 9% last month to 647,000 annualized units. Making things worse was news that new-homes inventory rose to 9.3 months.


iShares Dow Jones U.S. Home Construction


ETF gave back 4.7% to $17.25. The

SPDR S&P Homebuilders


ETF lost 3.1% to end the week at $18.87.

On the other hand, energy-related ETFs were among few winners of the week as crude added 2.9% over the four sessions, ending at $96 a barrel.


iPath S&P GSCI Crude Oil Index


rose 3.1% to $56.04. The

PowerShares DB Oil


was up 2.9% to $34.57. The

United States Oil


added 2.8% to $75.90.

Bundled securities tracking gold futures were also higher for the week. Gold futures added 3.3% for the week to close at $842.70 an ounce.


Market Vectors Gold Miners


ETF finished up 5.4% at $46.66. The

iShares Comex Gold Trust


ETF climbed 3.6% to $83.03. The

streetTRACKS Gold Shares


ETF rose 3.5% to $82.89.