Treasury ETFs Rise Amid Stock Slide

Treasuries rise amid stock declines a day after the Fed said economic recovery would be slower.
Author:
Publish date:

NEW YORK (

TheStreet

) -- Treasury ETFs were among the few ETFs that saw buying interest on Wednesday, as concerns about the economic recovery sent the Dow crashing 264 points. Treasuries also got a boost from the Fed's decision to buy more treasury notes to keep the economy afloat.

Stocks fell across-the-board on Wednesday, a day after the Fed said it expects the U.S. recovery to slow and maintained rates at record lows. The U.S. trade deficit rose 19%, adding to concerns about the economy. That sent equities lower and bond prices higher. The 10-year treasury yield hit record lows at 2.68%.

The

PowerShares DB Treasury ETN

(LBND)

, an exchange-traded note that takes a leveraged long view on treasury bonds,rose 1.9%. The

iShares Barclays 20+ Year Treasury Bond

(TLT) - Get Report

gained 1.3%, while the

Pimco 7-15 year Treasury

(TENZ)

appreciated 0.7%.

Financial ETFs were among the worst hit, with the

iShares S&P Global Financials

(IXG) - Get Report

, which offers an exposure to large-cap, global banks including

Banco Santander

(SAN) - Get Report

and

HSBC

(HSC) - Get Report

, tanked 4.6%.

Commodity stock ETFs were weaker. The

Global X Copper Miners ETF

(COPX) - Get Report

plunged 5.7%, while the

Market Vectors Steel ETF

(SLX) - Get Report

is down 4.9%.

--Reported by Shanthi Venkataraman in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.