Tuesday ETF Wrap-Up: VXX Sinks, GDX Soars
Wednesday, March 17th, 2010ETF Database submits:
Equity markets finished the day slightly ahead after the Fed decided to hold rates at record lows at its meeting yesterday. The Fed signaled improving conditions with regards to business spending but remained cautious regarding unemployment levels and consumer spending. “The Fed is holding out for clearer signs of improvements in the labor market,” said Anthony Chan, chief economist at JP Morgan’s Private Wealth Management. “Until then, the Fed feels it needs the insurance policy of keeping rates low.”
The ETFdb 60 Index, a benchmark measuring the performance of asset classes available through ETFs, added 7.30 points, or 0.7%, to close at 1,051.74. Only six index components finished the day in the red, as the parsing of minutes from the latest Fed meeting sent most asset classes higher.
