Overall, May wasn’t a bad month for exchange traded fund (ETF) investors, but the economy still faces some hurdles. Two of the major indexes finished higher while the Dow Jones industrial average lost 1.4%. The S&P 500 was up 1.1% and the Nasdaq gained 4.6%.

The high cost of oil and gas continued to strain consumer confidence, however, and a report was issued today that showed sentiment was at a 28-year low. Although oil pulled back from its record above $135 a barrel to close at $127.35, it’s still cutting into spending and has people wondered about prices rising further during the summer travel season.

The strongest ETFs for the month were:

• Market Vectors Russia (RSX), up 17.6%
• SPDR S&P Metals & Mining (XME), up 14.9%
• United States Gasoline (UGA), up 14.6%

Click here to review the full ETF performance report.

For full disclosure, some of Tom Lydon’s clients own RSX.

Tags: Dow Jones Industrial Average, Energy, Metals & Mining, NASDAQ, Oil, Russia, S&P 500