Telecom exchange traded funds have been along for the ride in Level 3 Communications (NasdaqGS: LVLT) shares as the sector ETFs have gained more than 2% this week and were rising Wednesday in the face of a down market.

Level 3 shares were up 7% on Wednesday and have been among the best performers on the Nasdaq this week. [Level 3 Rally Powers Telecom ETFs]

Last month, the company said it would acquire Global Crossing (NasdaqGS: GLBC) in a $3 billion deal.

Level 3 accounts for nearly 2% of Vanguard Telecommunications Services ETF (NYSEArca: VOX). The ETF has jumped more than 2% so far this week and was fractionally positive on Wednesday.

Vanguard Telecommunications Services ETF

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