Dell, Fed Lift Stock ETFs
May 18th at 6:12pm by Tom Lydon
Asset Class ETFs News:
A 5% rally in Dell (NasdaqGS: DELL) on solid quarterly results and no negative surprises in the Federal Reserve statement Wednesday helped boost stock exchange traded funds.
ETFs that invest in the consumer discretionary sector posted gains Wednesday despite the carnage in Staples (NasdaqGS: SPLS) shares and disappointing earnings from Target (NYSE: TGT). [Resilience of Consumer ETFs Good For Market: Analyst]
ETFs that invest in silver have traded in a range recently after falling nearly 30% from their peak in late April. Some technical analysts are marking out the key levels to watch now that silver ETFs appear to have found support in the short-term. The iShares Silver Trust (NYSEArca: SLV) was up more than 3% Wednesday and was trading above $34 a share. The ETF has pulled back 27% from its April 28 closing high of $47.26, said David Chojnacki, a market technician at Street One Financial, in research prepared for ETF Trends. [Mapping Out Silver ETFs' Next Possible Moves]
Financial ETFs were positive Wednesday with all eyes on the Federal Reserve announcement despite declines in shares of Citigroup (NYSE: C) and Bank of America (NYSE: BAC). Both stocks were down nearly 1%. Banks and financial-sector ETFs have trailed the market this year on regulatory concerns and a weak lending market. [Financial ETFs Steady Despite Citigroup, Bank of America Declines]
Gregory A. Clay contributed to this article.
