Exchange-traded funds tracking precious metals were among the best performers of Tuesday's session, as speculators drove up gold and silver prices on expectations of an interest rate cut at the
meeting next week.
The Fed is set to meet next Tuesday. Recently, gold futures were surging by $9.50 to $721.70 an ounce. Silver was also on the rise, climbing 20 cents to $12.90 an ounce. Copper and platinum were also trading up.
PowerShares DB Base Metals
was adding 69 cents, or 2.9%, to $24.89. The
Market Vectors Steel
ETF gained $1.66, or 2.5%, to $67.80. The
Market Vectors Gold Miners
was up $1.05, or 2.6%, to $41.99. The
SPDR S&P Metals & Mining
rose 94 cents, or 1.7%, to $57.75.
Bundled securities tracking the biotech sector were also higher, thanks to a surge in
. Clinical trial data showed that the company's Erbitux drug helped lung cancer patients live longer. ImClone's development partner
was also trading stronger.
First Trust Amex Biotechnology Index
was adding 56 cents, or 2.3%, to $25.14. The
iShares Nasdaq Biotechnology
was up $1.15, or 1.4%, to $81.19. The
SPDR S&P Biotech
was higher by 64 cents, or 1.1%, at $57.06.
was also gaining ground. Holding
jumped 3.2% after JPMorgan said the Internet auction site's new listings rose 6.1% year-over-year.
On the other hand, oil-related ETFs were declining following OPEC's decision to boost its production quota by 500,000 barrels a day to soothe volatile oil markets.
iPath S&P GSCI Crude Oil
fell 55 cents, or 1.3%, to $43.05. The
United States Oil
ETF was down 67 cents, or 1.1%, to $58.12. The
Oil Service HOLDRs
was losing $2.11, or 1.1%, to $179.80.