Stock ETFs closed in the black near session highs Friday after a decidedly weak start to the trading session.
The initial reaction to the keenly awaited employment report was surprising, one investing expert suggested.
"The jobs number this morning seems to be a solid number, and the muted reaction seems unjustified based on the data," said Philip Blancato, CEO and president of Ladenburg Thalmann Asset Management.
Blancato described the markets as anxious for a sign of what the Fed might do. He's looking to next week's Producer Price Index data as "an important next step on the way to potential rate hikes."
SPDR S&P 500 ( SPY ) gained 0.4% Friday, after briefly losing support at the 50-day moving average of around 204.
SPY nicked a 0.3% weekly loss but is holding on to a 1.4% gain for 2016.
SPDR Gold Shares ( GLD ) jolted 0.9% higher, snapping a four-session losing streak. Despite the rebound, it notched a 0.4% weekly loss.
The IBD Leaderboard ETF, which invests in physical gold, has advanced 1% from a buy point of 122.47 in six days.
The yellow metal popped in early U.S. trade after the jobs report showed a big miss. The U.S. economy added 160,000 nonfarm jobs in April vs. forecasts of 200,000 -- the slowest pace of hiring in seven months, according to news reports.
That disappointing news lowered the odds of interest-rate hikes in the near term -- a positive for the precious-metal and mining companies.
GDX has soared 76% year to date.
11 Bellwether ETFs
Here's a look at how the major exchange traded funds tracking various asset classes performed today.
Following daily ETF market action can be key to successful investing:
SPDR S&P 500 ( SPY ), +0.4%, RS 61
PowerShares QQQ ( QQQ ), +0.5%, RS 48
SPDR Dow Jones Industrial Average (DIA), +0.5%, RS 64
IShares Core S&P Mid-Cap (IJH), +0.4%, RS 64
IShares Russell 2000 (IWM), +0.6%, RS 48
IShares MSCI EAFE (EFA), -0.4%, RS 34
Vanguard FTSE Emerging Markets (VWO), +0.3%, RS 34
SPDR Gold Shares ( GLD ), +0.9%, RS 84
IShares Core U.S. Aggregate Bond (AGG), -0.2%, RS 56
PowerShares DB U.S.$ Bullish (UUP), +0.1%, RS 34
IPath S&P 500 VIX Short-Term Futures (VXX), -4.4%, RS 10