Stock ETFs enjoyed their second week of solid gains with long-suffering miner shares leading the way on the Federal Reserve unveiling its third installment of bond purchases.
Gold and silver ETFs also rallied this week as the market got what it wanted in terms of further easing from central banks.
Gold and silver prices on Friday climbed to their highest levels in about six months.
On Thursday, the Fed extended its low-rate pledge and said it would buy more mortgage securities. “In addition to providing support to the financial markets and economy, these actions are buoying gold prices,” HSBC strategists said in a MarketWatch report.
The Fed’s QE3 announcement also fueled a rally in stocks. The S&P 500 was on track for a 2.1% weekly advance in afternoon trading Friday, while the Dow also gained 2.1% and the Nasdaq Composite added 1.7%.
SPDR S&P Metals & Mining (NYSEArca: XME) was poised to rally nearly 10% on the week.