Despite worries over Greece and the euro zone in general, U.S.
equity markets surged to close out the volatile week. All the major
benchmarks performed well during the Friday session, as the Dow
added 0.9%, the S&P 500 rose by 1.0%, and the Nasdaq gained
1.3% to finish the week.
These solid performances followed generally strong days in
Europe and Asia as well, with most benchmarks finishing in the
green around the globe. Events were especially good in the Hang
Seng market as it added about 2.3%, while the Italian market saw a
gain of about 2.3% to lead Europe higher.
Back in the U.S., green was pretty much across the board in the
S&P 500 with significant strength coming in the basic
materials, technology, and financial segments. Consumer goods and
utilities were weaker, while services were also mixed during Friday
11 Great Dividend ETFs
Investors also saw the U.S. dollar weaken slightly against the
world's major currencies led by poor performances against both the
euro and especially the pound. Despite this, Treasury bonds did see
inflows, pushing the benchmark 10 year note down to a 1.59% yield
ahead of what looks to be a volatile week.
Although concerns over risk were high, commodities did manage to
perform well during Friday trading. Most energy products rose while
the precious metal and industrial metal spaces saw gains as well.
However, it was once again a rocky day in the agricultural market,
as sugar gained while wheat and corn both fell on the session.
In ETF trading, volume was relatively light as it appears as
though most traders are waiting for more clarity on the Greek
situation before plunging into the markets. Still, a few U.S.
sector products, gold, and foreign currency ETFs saw outsized
volumes on the day.
Particularly, investors saw a great deal of interest in the
iShares S&P/Citi International Treasury Bond ETF (
. This product usually sees volume of about 30,000 shares but saw a
spike to just over 210,000 during Friday trading (see
Three Bond ETFs For A Fixed Income Bear Market
Undoubtedly, the product was in focus thanks to its high levels
of European bond exposure and the focus of the product on sovereign
debt. In fact, European bonds make up about two-thirds of the total
exposure suggesting that it could be a solid proxy for broad debt
woes on the continent.
Another fund which piqued investors' interest today was the
iShares Dow Jones US Medical Devices ETF (
. This product usually has volume around the 50,000 share mark but
saw a move to about 180,000 during Friday trading (read
Medical Device ETFs: A Better Way To Play Health
Thanks to this boost of volume, IHI easily outperformed the
broad S&P 500 on the day, gaining about 1.5%. While the reason
for the extra volume was unclear-many of the top components were
flat on the day-it did come after outsized volume in many of the
device makers themselves.
In fact, of the top five components in the fund-which account
for roughly 40% of the total assets-four saw outsized volumes on
the day. This includes nearly 2.2x the normal volume for
Stryker Corp (
, the fifth biggest company in the ETF.
(see more on ETFs at the
ISHARS-SP IN TB (IGOV): ETF Research Reports
ISHARS-DJ MED D (IHI): ETF Research Reports
STRYKER CORP (SYK): Free Stock Analysis Report
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