The equities market and stock exchange traded funds lost their momentum on the Leap Day, ending the month pretty much where they started.
Over the past month, the Dow Jones Industrial Average was up 0.4%, the Nasdaq Composite dropped 1.4% and the S&P 500 retreated 0.4%.
The best performing non-leveraged exchange traded products so far this year include the PureFunds ISE Junior Silver ETF (NYSEArca: SILJ) up 35.2%, iShares MSCI Global Gold Miners ETF (NYSEArca: RING) up 34.4% and Market Vectors Gold Miners ETF (NYSEArca: GDX) up 32.2%.
Precious metals miners and sector-related ETFs capitalized as gold bullion rallied on safe-haven demand and a more dovish prospect from the Federal Reserve. [Outshining Precious Metals Miner ETFs of February]
On the other hand, the worst performing non-leveraged ETPs over the past month include the iPath Global Carbon ETN (NYSEArca: GRN) down 21.5%, United States Natural Gas Fund (NYSEArca: UNG) down 19.3% and WisdomTree Japan Hedged Financials Fund (NYSEArca: DXJF) down 16.3%.
The softening economic outlook and ongoing volatility in the the oil market dragged on U.S. equities at the start of the month. Stocks kept slipping as crude oil prices dipped back below $30 per barrel on the ongoing global supply glut.
Federal Reserve chair Janet Yellen also conceded to the lingering stress in global markets, which pose a risk to the U.S. economy. Nevertheless, Yellen pointed to strength in the employment numbers, suggesting that a March FOMC rate hike is still possible.
In mid-February, markets began to turn around after strengthening retail sales in January helped prop up investor confidence and further positive economic data kept momentum going. The rebound in crude oil prices also helped kept volatility at bay.
Toward the end of February, the equities market was stuck in sideways trading and ultimately ended on a down note on the Leap Day. Late day selling dragged on stocks and left stocks down for the third consecutive month.
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Max Chen contributed to this article.