Tech earnings propped up several exchange-traded funds during a week where the Dow Jones Industrial Average topped the 14,000 level for the first time. The Internet Architecture HOLDRs ( IAH) was one of the week's best performers, as holdings IBM ( IBM) and Juniper Networks ( JNPR) jumped on better-than-expected earnings Thursday. The Internet Architecture HOLDRs ended the week with a gain of 2.8% at $51.44. The Software HOLDRs ( SWH) also benefited from strong earnings results. German business software giant SAP ( SAP), which is one of the ETF's holdings, saw second-quarter revenue and operating income jump 10%. The ETF climbed 2.5% on the week to $42.72. Elsewhere, ETFs tracking silver were among the winners, as silver futures jumped 2.2% to close at $13.40 an ounce. The iShares Silver Trust ( SLV) climbed 2.1% to $132.32. The PowerShares DB Silver ( DBS) ETF added 2% to $26.17. Gold-related ETFs also rose. Futures ended higher by 2.6% at $684.70 an ounce. The Market Vectors Gold Miners ( GDX) ETF added 4.2% to $43.04. The iShares Comex Gold Trust ( IAU) closed higher by 2.5% to $67.65. The streetTRACKS Gold Shares ( GLD) ETF gained 2.4% to end the week at $67.60. Financial-related ETFs were hit hardest during the week. On Wednesday, Bear Stearns ( BSC) told investors that investments in two subprime-related funds are nearly worthless, reigniting fears of the effects of the subprime fallout. Bear Stearns dropped 5.7% over the five sessions.
The Ultra Financials ProShares ( UYG) ETF fell 7.5% to $62.14. The iShares Dow Jones U.S. Broker-Dealers ( IAI) ETF was down 5.2% to $54.24. The iShares Dow Jones U.S. Financial Services ( IYG) ETF shed 3.6% to $127.66. Housing-related ETFs were also among the worst performers of the week. On Wednesday, the Census Bureau said U.S. housing starts rose a greater-than-expected 2.3% in May to 1.47 million annualized units, but said building permits dropped 7.5% to 1.40 million last month, below the expected 1.49 million annual pace. Near the end of the week, KB Home ( KBH) CEO Jeffrey Mezger said that he does not expect the housing market to bottom until late 2008, pressuring the sector. For the week, the iShares Dow Jones U.S. Home Construction ( ITB) ETF fell 4.2% to finish at $30.46. The SPDR Homebuilders ( XHB) ETF shed 3.2% to $29.93.