Wednesday ETF Roundup: XHB Pops On Data, VXX Drops As Stocks Rally
By Stoyan Bojinov:Bullish momentum extended into Wednesday as investors rejoiced over encouraging earnings and economic data on the home front. The Nasdaq led the way higher, soaring 1.53% on the day, while the Dow Jones Industrial Average lagged behind, clinching a gain of 0.78%. Investors focused on better-than-expected quarterly results from Goldman Sachs (GS), while Citigroup’s (C) earnings miss received little to no attention on Wall Street. Gold continues to edge higher amidst earnings season euphoria, and futures prices for the precious yellow metal settled near $1,660 an ounce as the trading session drew to a close.
According to data compiled by Bloomberg, roughly half of the companies in the S&P 500 have posted results surpassing analyst expectations so far this earnings season. Euphoria in the financials sector bolstered broad equity indexes higher as investors were pleasantly surprised to see Goldman Sachs beat estimates. The financial behemoth posted impressive results as theComplete Story »