Bullish momentum returned on Wall Street, with the Dow Jones Industrial Average logging its first 10th-straight winning streak since 1996 and the S&P 500 closing just shy of its all-time closing high. Bolstering equities, the Labor Department reported that the number of U.S. workers filing new applications for jobless benefits fell to 332,000 last week, greatly surpassing economists’ expectations. U.S. wholesale prices as well as the producer-price index were reported to have risen in February. In a separate report, the U.S. current account deficit contracted slightly in the fourth quarter of 2012 [see Free Member Report: How To Pick The Right ETF Every Time].Global Market Overview: Dow Sets Yet Another Record
Following a better-than-expected labor report, all three major U.S. equity indexes rallied to close in positive territory. The Dow Jones Industrial Average ETF (DIA, B) rose 0.60% higher, as its underlying index logged another all time close at 14,539.14. The S&P 500 ETF (SPY, A) gained 0.53%, while the tech-heavy Nasdaq ETF (QQQ, A-) rose 0.34%.
In Europe, markets were mostly higher with the Stoxx Europe 600 index rallying 1.1%. Meanwhile, Asian markets were also higher. Japan’s Nikkei Stock Average rallied 1.2% on a weaker yen to close at a 4.5 year high. China’s Shanghai Composite inched 0.3% higher, snapping its five-session losing streak.
Bond ETF Roundup
U.S. Treasury prices fell after the Treasury Department’s 30-year bond auction and better-than-expected jobless claims data. Yields on 10-year notes rose 1 basis point, while 30-year bond yields rose 2 basis points [see also Seven Simple & Cheap ETF Model Portfolios].
Natural gas futures rallied today after the Energy Information Administration said U.S. supplies fell 145 billion cubic feet last week. Crude oil futures also rose following today’s upbeat labor report. Meanwhile, gold futures inched slightly higher.
ETF Chart Of The Day #1: (XLE)
The Energy Select Sector SPDR ETF (XLE, A) was one of the best performers today, gaining 1.37% during the session. As energy equities were bolstered by today’s rally in natural gas, this ETF gapped slightly higher at the open. XLE pushed higher throughout the day, eventually settling at $80.02 a share [see Energy Bull ETFdb Portfolio].
ETF Chart Of The Day #2: (TECL)
The Daily Technology Bull 3x Shares (TECL, A-) also posted a solid performance today, gaining 2.10% during the session. Technology shares were among today’s top performers, allowing this leveraged bull ETF to gap significantly higher at the open. TECL slid sideways for the remainder of the day, eventually settling at $55.84 a share [see High Tech ETFdb Portfolio].
ETF Fun Fact Of The Day
The best-performing themed strategy over the trailing 4-week period has been the Baby Boomers ETFdb Portfolio, which has gained 2.76%.
Disclosure: No positions at time of writing.
- Dow Jones Industrial Average