After a bumpy start, the broad equities market and stock exchange traded funds made a strong rebound over August. The S&P 500 is trying to break through its highest level since 2008.
The Europe-related ETFs strengthened as the Eurozone outlook lightened on promises that the European Central Bank would support ailing member states.
Egyptian stocks have made a rebound after last year’s political uprising, reflecting greater foreign interest as the country’s political environment stabilizes somewhat.
Silver miners performed on the heels of the stronger precious metals prices, with silver rising back above $30 per ounce. [Gold Miner ETFs Outperforming Bullion in August]
Other top performing ETFs include those that track energy, home builders foreign equities and precious metals.
The Dow Jones Industrial Average remained relatively flat over the month, dipping 0.2%. Meanwhile, the Nasdaq Composite added 3.5% and the S&P 500 rose 1.3%.
August started off on a weak note as the lack of central bank actions left investors with less confidence in the markets. Additionally, investors questioned the market’s strength after the lower-than-expected job numbers.
However, the equities market rebounded on expectations that the European Central Bank would engage in a sovereign bond buying plan to support troubled peripheral states.
At the end of the month, market observers were focused on the Fed, notably potential hints about another quantitative easing plan from the Jackson Hole meeting, the spot where QE2 was originally revealed.
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Max Chen contributed to this article.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.