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
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
. 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
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.