Exchange-traded funds tracking the financial sector were among the worst performers of a sluggish week following several downgrades of major finance names.
Ultra Financial ProShares
ETF slumped 15.9% to $35.17. The
Financial Select Sector SPDR
ETF lost 9.1% to $26.97. The
iShares Dow Jones U.S. Broker-Dealers
ETF was lower by 9% to $44.60.
On Monday, UBS lowered its rating on
Meanwhile, Merrill Lynch slapped sell ratings on
Homebuilders were also among the biggest losers of the week. On Wednesday,
posted disappointing fiscal first-quarter results, saying that it does not foresee a recovery anytime soon.
finished the week with sharp losses.
SPDR S&P Homebuilders
ETF dropped 12.9% to end the week at $20.35. The
iShares Dow Jones U.S. Home Construction
ETF slid 12.6% to $18.86.
Bundled securities tracking the retail sector were also losers for the week. The
fell 5.1% to $90.85. The
PowerShares Dynamic Retail
ETF eased 4.5% to $15.34. The
SPDR S&P Retail
ETF ended down 3.7% to $33.46.
Energy-related ETFs were among few winners of the week as crude futures finished with a 3.2% increase over the five sessions at $91.77 a barrel.
United States Oil
ETF added 3.1% to $72.66. The
iPath S&P GSCI Crude Oil Index
rose 3.1% to $53.80. The
PowerShares DB Oil
advanced 2.8% to $33.48.