Daily ETF Roundup: XLE Sinks, UUP Rises

U.S. equity markets continued their slump to end the week markedly lower as the Dow and S&P 500 both plunged while the Nasdaq managed to squeeze by with a gain of 0.04%. Commodity markets also showed weakness as oil and gold both fell with oil losing nearly $1/bbl. in today’s trading session. Today’s modest losses came after investors grew increasingly bearish over the long-term health of the U.S. economy given the negative unemployment data and the uncertainty over policy moves ahead of the mid-term election in November. “We’re probably on a continuation from yesterday’s disturbing claims number,” said Paul Zemsky, head of asset allocation at ING Investment Management. “There’s really nothing to hang your hat on.” One of the day’s biggest losers was the Energy Select Sector SPDR (XLE) which fell by 1.2%. Friday’s losses were largely a result of a stronger dollar and continued concerns over oil demand given the [...] Click here to read the original article on ETFdb.com. Related Stories: Daily ETF Roundup: VXX Rises, GDX Sinks Daily ETF Roundup: UNG Sinks, EWZ Rises Daily ETF Roundup: GDX Sinks, VXX Rises