Friday ETF Wrap-Up: VXX Soars, VNQ Tumbles
Sunday, May 2nd, 2010ETF Database submits:
Equity markets tumbled to finish the week, as disappointing economic data combined with a criminal investigation at Goldman Sachs (GS) to weigh heavily on the major indexes. This slump, which saw the Dow fall by more than 150 points, came after the Commerce Department announced lower than expected GDP numbers; the economy grew by 3.2% in the January-March period compared to a forecasted rate of 3.4%. Meanwhile, oil prices trended higher and finished the day just under $86/bbl. after the oil spill in the Gulf threatened to shut down some platforms and limit future offshore drilling operations.
The ETFdb 60 Index, a benchmark measuring the performance of asset classes available through ETFs, dropped 8.26 points, or 0.8%, as aggregate trading volume surged above 1 billion shares.
