A strong start to the quarter carried an exchange traded fund (ETF) indexed to the Dow Jones Industrial Average to a recovery high on Friday.
The $9.3 billion SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) was up 0.6% in afternoon trade and notched a 52-week high of nearly $124 a share. The previous high was set in February.
A better-than-expected nonfarm payrolls report for March had the bulls off and running Friday. [Jobs Report Boosts Stocks As Gold ETFs Weaken.]
The SPDR S&P 500 ETF (NYSEArca: SPY) was trading below its February high despite Friday’s gains. The Dow and S&P 500 can see some performance variation due to different weighting schemes and constituents.
Although U.S. equities recouped their losses in the back half of March, emerging markets have been the true standouts in stock ETFs.
After bottoming at $44.25 in mid-March, iShares MSCI Emerging Markets ETF (NYSEArca: EEM) traded as high as $49.56 a share Friday. That’s also a fresh 52-week high and 12% above the March low. [Emerging Markets ETF Is A Buy, Goldman Says.]
For full disclosure, Tom Lydon’s clients own SPY.
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