Exchange traded funds pegged to the euro, stocks and commodities ended the second quarter with a bang Friday after European leaders at a summit meeting unveiled support measures for Spain’s troubled banks.
The Dow was on pace for its biggest monthly rally since October, according to Bloomberg News.
“We are getting a relief rally,” said Christopher Orndorff, portfolio manager at Western Asset Management, in the article.
The Dow climbed more than 200 points in afternoon trade Friday. In commodities, crude oil futures jumped over 9%, or more than $7 a barrel. Meanwhile, gold prices surged by $50 an ounce to $1,600 for a gain of about 3%.
For the week, the Dow was on track for an advance of 1.6% in afternoon dealings Friday, while the S&P 500 tacked on 1.7% and the Nasdaq Composite rose 1.3%.
In equity sector ETFs, homebuilders were the big winners this week.
The iShares Dow Jones US Home Construction (ITB) was on a four-day winning streak and on track for a gain of 10% for the week. The ETF has broken out to its highest level since late 2008. [Builder ETF Breakout]