Positive Tech Earnings Give ETFs a Lift
December 18th at 10:00am by Tom Lydon
Better-than-expected third-quarter results from a few technology companies gave exchange traded funds (ETFs) a little life before the markets went into the weekend.
Software maker Oracle (NASDAQ: ORCL) and BlackBerry maker Research in Motion (NASDAQ: RIMM) beat expectations in their earnings reports. The news lifted hopes that tech companies would finally begin to boost revenues. iShares Goldman Sachs Software Index (NYSEArca: IGM) is up a little more than 1% this morning; Oracle is 4% and Research in Motion is 1.5%.
The U.S. dollar is continuing its gaining streak today, hitting a two-week high against the Japanese yen. Japan kept its interest rates unchanged, which led to pressure building on the currency overnight, reports Fabio Alves for The Wall Street Journal. The CurrencyShares Japanese Yen Trust (NYSEArca: FXY) is down nearly 1% this morning.
Oil prices rose close to $74 a barrel today as traders begin to expect OPEC to leave its production levels where they are at next week’s meeting, reports the Associated Press. Prices are also gaining thanks to cold weather on the East coast. United States Oil (NYSEArca: USO) is up nearly 2% this morning.
The Associated Press notes that today could be especially volatile as traders close out positions ahead of two shortened trading weeks and the new year.
Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.
