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

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ETF eased 3% to $79.67. The

iShares Broker-Dealers

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ETF slumped 1.6% to $50.81. The

Financial Select Sector SPDR

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ETF lost 1.5% to $28.86.

On Wednesday, Goldman Sachs increased its writedown projections for


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Merrill Lynch



JPMorgan Chase

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. 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


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Ambac Financial



Security Capital Assurance

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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

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ETF gave back 4.7% to $17.25. The

SPDR S&P Homebuilders

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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

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rose 3.1% to $56.04. The

PowerShares DB Oil

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was up 2.9% to $34.57. The

United States Oil

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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

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ETF finished up 5.4% at $46.66. The

iShares Comex Gold Trust

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ETF climbed 3.6% to $83.03. The

streetTRACKS Gold Shares

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ETF rose 3.5% to $82.89.