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Stock ETFs Finish With Stong Gains After Fed Testimony

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Stock ETFs ending trading Tuesday with strong gains after Federal Reserve Chair Janet Yellen gave hawkish testimony that lifted bond yields and bank stocks.

SPDR S&P 500 ( SPY ) ended at 233.70, up 0.93, or 0.4%, having rallied from a 0.3% deficit earlier in the day.

In the Fed chief's semiannual monetary report to Congress , Yellen warned about the risk of monetary policy becoming too accommodative.

[ibdchart symbol="BAC" type="daily" size="threequarter" position="leftchart" ]

Financial Select Sector SPDR ( XLF ) was the top performing S&P 500 sector Tuesday, jumping 1.2%. A top holding of the ETF, Bank of America ( BAC ), leapt 3% to 24.06.

Utilities ( XLU ) and real estate ( XLRE ) were the weakest sectors, falling 0.7% and 0.5%.

IShares Core U.S. Aggregate Bond (AGG) fell 0.2% as rising bond yields put downward pressure on bond prices. The ETF, which tracks an index designed to represent the broad bond market, has about 34% of its assets in Treasury securities, 24% in corporate bonds and 19% in mortgage-backed securities. It's up 0.42% this year and yields 2.39%.

Gold tracked by SPDR Gold Shares (GLD ) ended with a 0.1% gain after rallying from a slight loss. Gold miners eased, with VanEck Vectors Gold Miners (GDX) off 0.1%. But VanEck Vectors Junior Gold Miners (GDXJ) jumped 1.3%. The dollar rose 0.2%.

Oil made a strong gain, with United States Oil Fund (USO) climbing 0.5%.

12 Bellwether ETFs

Here's a look at the performance of major exchange traded funds across key asset classes on the stock market today.

The Relative Price Strength (RS) Rating measures a stock's price performance over the last 12 months vs. all stocks and ETFs, on a scale of 1 to a best-possible 99.

SPDR S&P 500 ( SPY ), +0.4%, RS 54

PowerShares QQQ (QQQ), +0.3%, RS 66

SPDR Dow Jones Industrial Average (DIA), +0.5%, RS 59

IShares Core S&P Mid-Cap (IJH), +0.3%, RS 63

IShares Russell 2000 (IWM), +0.3%, RS 69

IShares MSCI EAFE (EFA), -0.2%, RS 40

Vanguard FTSE Emerging Markets (VWO), +0.2%, RS 62

SPDR Gold Shares (GLD), +0.1%, RS 18

United States Oil (USO), +0.5%, RS 57

IShares Core U.S. Aggregate Bond (AGG), -0.2%, RS 20

PowerShares DB U.S.$ Bullish (UUP), +0.2%, RS 33

IPath S&P 500 VIX Short-Term Futures (VXX), -4.3%, RS 1

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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