Wall Street seemingly shrugged off the latest euro zone developments today, pushing equity indexes towards record levels despite a number of mixed economic reports. U.S. durable goods spending came in better-than-expected, though civilian aircraft and parts purchases, which vary from month to month, accounted for the majority of the increase. The Standard & Poor’s and Case-Shiller home-price index also topped analysts’ expectations, while the number of new home sales fell more than expected in February. In a separate report, the Conference Board’s U.S. consumer confidence metric took a significant tumble; concerns over federal government spending and tax rates were cited as the main reasons for the decline in confidence [see Free Member Report: How To Pick The Right ETF Every Time].
Global Market Overview: S&P Closes Near All-Time High
Despite a mixed bag of domestic economic reports, all three major U.S. equity indexes rallied to close in positive territory. The S&P 500 ETF (SPY, A) rallied 0.80%, as its underlying index finished less than two points away from its highest close since 2007. The Dow Jones Industrial Average ETF (DIA, B) rose 0.74%, while the tech-heavy Nasdaq ETF (QQQ, A-) gained 0.54%.
In Europe, markets were broadly higher, with the Stoxx Europe 600 inching 0.2%. Meanwhile, Asian markets were lower on the back of Monday’s broad sell-off following the latest Cyprus developments. China’s Shanghai Composite Index lost 1.3%, while Japan’s Nikkei Stock Average fell 0.60%.
Bond ETF Roundup
U.S. Treasury prices were slightly higher after the Conference Board’s latest consumer confidence report came in below expectations. Yields on 5 and 10-year notes as well as 30-year bonds fell 1 basis point [see also Seven Simple & Cheap ETF Model Portfolios].
Following the U.S. durable goods orders report, crude oil futures traded higher once again today, topping $96 a barrel to settle at the highest level in over a month. Prices for natural gas and gasoline futures were also higher. Meanwhile, gold futures fell as Cyprus fears eased.
ETF Chart Of The Day #1: (XLV)
The Health Care Select Sector SPDR (XLV, A+) was one of the best performers today, gaining 1.16% during the session. Health care shares were among today’s top performers, forcing this ETF to jump significantly higher at the open. XLV inched higher throughout the day, eventually settling at $45.32 a share [see Baby Boomers ETFdb Portfolio].
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ETF Chart Of The Day #2: (UCO)
The Ultra DJ-UBS Crude Oil Fund (UCO, B+) also posted a strong performance today, gaining 3.54% during the session. After May crude oil futures jumped 1.6% today, the biggest daily gain of the year, this leveraged ETF gapped significantly higher at the open. UCO pushed higher throughout the day, eventually settling at $30.99 a share [see Energy Bull ETFdb Portfolio].
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ETF Fun Fact Of The Day
The best-performing regional strategy over the trailing 13-week period has been the Global Titans ETFdb Portfolio, which has gained 4.55%.
Disclosure: No positions at time of writing.
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