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.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.