An exchange traded fund tracking the Nasdaq-100 soared nearly 2% on Tuesday as bullish investors piled into technology stocks hoping for good news from Greece and the Federal Reserve.
PowerShares QQQ (NasdaqGM: QQQ) was up 1.8% in afternoon trading. Top components posting solid gains on high trading volume included Cisco (NasdaqGS: CSCO), Research in Motion (NasdaqGS: RIMM) and Apple (NasdaqGS: AAPL).
Apple shares are trying to reverse a foray below their 200-day moving average. [Tech Leaders Dog Nasdaq ETF]
“Gains are especially strong on the Nasdaq,” StockCharts.com said Tuesday. Cisco shares rose 2%, RIM rallied 7.5% and Apple gained 3% in recent action.
In precious metals Tuesday, gold and silver ETFs climbed before a key vote in Greece that could make or break austerity measures. [Metals ETFs Trade on Greece, Fed]
In sector ETFs, some options traders are positioning for a rebound in bank stocks such as JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), Citigroup (NYSE: C) and US Bancorp (NYSE: USB), according to a report Tuesday. Bank ETFs followed the broader market higher with investors feeling in a “risk-on” mood. The Dow gained over 100 points.
In retail ETFs, the spotlight was on Walgreens (NYSE: WAG) and Best Buy (NYSE: BBY). [Retail ETFs Mixed]
Homebuilder ETFs rose Tuesday after a report on existing home sales. [Builder ETFs Eye Sales]
PowerShares QQQ
