Wednesday ETF Wrap-Up: BWX Sinks, UNG Soars
ETF Database submits: Equity markets were off to a rough start in Wednesday morning trading, but within an hour rose into a more positive mood that helped major indexes finish the day in positive territory. The Dow and Nasdaq both finished the day ahead by half a percent while the broad S&P 500 finished up by a more modest 0.4%. While it was a good day for equities, the other asset classes were not as fortunate; oil lost more than $1/bbl. in today’s trading and gold retreating by 0.2% off of its record highs as safe-haven demand waned. This trend carried over into the bond markets, which saw longer-term issues fall as yields on the 10 year note rose up to 2.72% while 2 year notes stayed firm and saw their yields drop below the 0.5% mark. The big news in today’s session was Japan’s intervention into the currency markets in an attempt to halt the dramatic rise of the nation’s currency against the dollar. This sent the yen tumbling against the greenback by more than 3%, much to the delight of the large Japanese exporters that had been crushed by the runaway yen. While the mini-rally has left some optimistic on the outlook for global equity markets in the fall quarter, others are not so bullish and have pointed out how low volume continues to reign over the markets after the Labor Day break. “The summer malaise has turned into the fall malaise, and investors as a whole don’t seem too excited about the markets,” said Paul Nolte, managing director at Dearborn Partners. Markets seem stuck in a 5% range and it doesn’t appear as if anything in the short-term will pull them out of this choppy trading.Complete Story »
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