Exchange-traded funds tracking the financial sector were among the worst performers of a down week following dreary earnings reports from several brokers.
For the week, the
Ultra Financial ProShares
ETF slumped 14.4% to $31.26. The
iShares Dow Jones U.S. Broker-Dealers
ETF was lower by 8.4% to $43.24. The
Financial Select Sector SPDR
ETF lost 7.3% to $27.46.
The group was a drag on the market for much of the week. On Tuesday,
posted a greater-than-expected quarterly loss that came after the company recorded a pretax writedown of $18.1 billion because of the mortgage mess.
The following day,
said its fourth-quarter profit fell 34% from a year ago amid a $1.3 billion writedown tied to subprime mortgage losses. Then on Thursday,
reported a fourth-quarter loss of almost $10 billion and a writedown $14.6 billion.
Insurers also suffered a costly week. Bond insurers
lost significant ground as ratings agencies zeroed in on their triple-A ratings.
also finished lower for the week due to fears of the subprime crisis crippling counterparty insurers.
iShares Dow Jones U.S. Insurance
ETF dropped 9% to $43.95. The
ETF lost 8.3% to $47.06. The
PowerShares Dynamic Insurance
ETF fell 6.8% to $15.52.
Energy-related ETFs also fell for the week as crude finished with a 2.3% decline over the five sessions at $90.57. Among individual names,
finished the week in the red.
iPath S&P GSCI Crude Oil Index
shed 2.6% to $52.68. The
PowerShares DB Oil
lost 2.5% to $32.65. The
United States Oil
declined 2.5% to $71.27.
Surprisingly, homebuilders were among few winners for the week, as
SPDR S&P Homebuilders
ETF added 2.9% to $17.14. The
iShares Dow Jones U.S. Home Construction
ETF tacked on 2.6% to $14.83.