An unexpectedly strong jobs report helped catapult exchange traded funds on Friday after four days of losses, tempering concerns that equities could follow the sharp drop seen this week in commodities.
The iShares Silver Trust (NYSEArca: SLV) has been the most highly traded security on the planet this week as traders use the ETF to play the wild swings in the metal. The $12.5 billion silver exchange traded fund has replaced SPDR S&P 500 ETF (NYSEArca: SPY) recently as the most active ETF by share volume. [Silver ETF Saw Nearly 100% Turnover on Thursday.]
Oil ETFs have crashed this week amid the onslaught in commodity markets, but bounced somewhat Friday after influential analysts at Goldman Sachs (NYSE: GS) predicted oil prices will recover and rally to new highs. [Volatile Oil ETFs Bounce on Goldman Sachs Call.]
Van Eck announced it cut expense ratios for five of its Market Vectors ETFs. The changes are effective as of May 1 and are guaranteed for one year. The total net operating costs of these funds will in turn be reduced. The lower costs will also put the provider in a better position to compete with the latest round of ETF price wars seen throughout the industry. [Van Eck Lowers Cost on 5 ETFs.]
Strength in banking giant Citigroup (NYSE: C) and an upbeat April employment report lifted financial exchange traded funds by more than 1% on Friday as the sector tries to catch up with the market. [Citigroup, Jobs Boost Financial ETFs.]