First quarter earnings reports are lifting exchange traded funds (ETFs) today.  Reports from Google (GOOG) and Citigroup (C) helped ease investors minds about corporate profits, so much so that it has sent the Dow up over 250 points in midday trading.

Google’s first-quarter earnings and revenue growth topped analysts’ expectations, reports Tim Pardis of Associate Press.  Their performance indicates Internet advertising remains robust.  iShares Dow Jones U.S. Technology (IYW) has 5.4% given to Google and is up over 3% in midday trading.  Technology Select Sector SPDR (XLK) holds 5% of the company and is up over 2%.  Technology related ETF, PowerShares QQQ (QQQQ) is up over 3%.

Citigroup also reported earnings with not big surprises.  The company reported a loss of $5.1 billion in the first quarter, but it was less than half of the loss from the previous quarter.  Among the financial related ETFs are the Financial Select Sector SPDR (XLF) that holds 5.9% of Citigroup and is up over 3% in midday trading.  iShares Dow Jones US Financial Services (IYG) has 7.6% of the company and is up almost 4%.

Tags: Financial, Sector ETFs, Technology