The S&P 500 was on track for its fifth straight weekly gain as the U.S. blue-chip index continues to climb within a well-defined rising channel.
The benchmark was poised for a 0.7% advance for the week in afternoon trading Friday, while the Dow rose 0.5% and the Nasdaq Composite added 1.5% to lead the way among the major indices.
“You have the Federal Reserve and the ECB with a very sharp focus on making sure things don’t stall. Absent some outside shock, I think the path of least resistance for equities is up,” said Jeff Meyerson, head of trading for Sunrise Securities, in a Reuters report.
Volatility remains low with the VIX falling below 15 at one point Friday afternoon, its lowest level since March. [Volatility ETFs: It’s Quiet Out There…Too Quiet]
Several commodity-linked ETFs were among the week’s top performers, including funds tracking miners, coal and energy.
Among equity sectors, this week’s standouts were semiconductors and homebuilders. [Builder ETFs Hit 52-Week High After JP Morgan Upgrades]
Conversely, the biggest decliners included ETFs indexed to sugar, VIX futures, natural gas, real estate and Treasuries. [Options Trading Explodes in Bearish Treasury ETF]
The top three unleveraged ETFs this week were iShares S&P Network Index (IGN), SPDR Metals & Mining (XME) and Global X Silver Miners (SIL) with gains of over 5% in afternoon dealings Friday.
The bottom three unleveraged ETFs this week were iPath Sugar (SGG), Active Bear (HDGE) and iPath S&P 500 VIX Short-Term Futures (VXX) with losses of 4% or more.
In next week’s economic data, look for reports on retail sales, producer and consumer prices, homebuilder confidence and housing starts.
Vanguard S&P 500 ETF (VOO)
