Wednesday ETF Wrap-Up: XLF Rises, GDX Continues Slide
Thursday, March 11th, 2010ETF Database submits:
Major indexes barely stayed in the green on Wednesday, as conflicting economic reports kept the market in a seesaw pattern for most of the day. The S&P 500 finished ahead by five points while oil closed just under $82/ bbl. The Commerce Department said that wholesale inventories fell 0.2% in January after dropping 1% in December. Companies’ sales rose 1.3%, the tenth straight gain. The drop in inventories and the rise in sales suggests that companies may soon have to begin restocking. However, news was not as good on the employment front with the government reporting that unemployment rose in 30 states in January and that five states are currently at record levels of unemployment.
The ETFdb 60 added 2.49 points, or 0.2%, to close at 1,043.93. The ETFdb 60 is now up 1% on the year.
