Telecom exchange traded funds were among Tuesday’s best-performing sectors as a 5% rally in Level 3 Communications (NasdaqGS: LVLT) carried the group higher.
Level 3 shares were close to setting a new 52-week high as investors continued to bid the stock higher in the wake of the company’s recent quarterly results.
In April, the company said it would acquire Global Crossing in a $3 billion deal (NasdaqGS: GLBC). Level 3 reported a smaller loss in its latest quarter.
The stock is a component in sector ETFs such as SPDR S&P Telecom ETF (NYSEArca: XTL) and Vanguard Telecommuncations Services ETF (NYSEArca: VOX).
The Vanguard ETF rose more than 1% Tuesday and was up about 7% so far this year through Monday.