The S&P 500 was on a six-session down streak heading into Friday’s big rally that nearly erased the week’s loss and pushed the blue-chip index near the flat line.
The S&P 500 was on track for a slight loss of 0.1% for the week in afternoon trading Friday, the Dow shed 0.3% and the Nasdaq Composite lost 1.1%.
“The market was very oversold, so with China looking better than we previously thought, and JP Morgan (NYSE: JPM) looking like it has healed itself, things appear contained for the moment,” said John Manley, chief equity strategist at Wells Fargo Funds Management, in a Reuters report.
Corn, grains and agriculture ETFs were the standout performers this week as soaring temperatures continued to stifle the Midwest. The U.S. Department of Agriculture also cut its yield forecast for corn amid the drought.
Elsewhere in commodities, energy ETFs extended their recent rebound along with oil prices.
Conversely, semiconductor ETFs were hit this week on disappointing corporate earnings. Also in sector funds, gold miner ETFs fell on speculation the Federal Reserve won’t unveil more quantitative easing after the release of the Fed minutes.