Wachovia (WB) reported a surprise first-quarter loss, hitting financial exchange traded funds (ETFs) hard.
The Regional Bank HOLDRs (RKH) fell to its lowest point since March 17, reports Wanfeng Zhou for Thomson Financial. Wachovia is the fund’s third-largest holding, with 10.3% of assets.
The iShares Dow Jones U.S. Financial Services (IYG) also dipped to its lowest point since March 17. Wachovia makes up 3.7% of the fund.
The Financial Select Sector SPDR (XLF) also fell to its lowest price since April 1, and it has lost 6.7% since April 7, the last day it posted a gain, reports Tomi Kilgore for Thomson Financial. Wachovia is 3% of the fund, its eight-largest component.