T he biggest U.S. ETFs hammered out heavy losses Friday, roiled anew by a steep sell-off in China and fresh lows for oil prices . A slew of domestic data, including retail sales and wholesale prices, did little to lift the gloom.
The S&P 500 and Dow Jones industrial average ended the week more than 10% off their 52-week highs, which marks correction territory. Exchange traded funds tracking these benchmarks posted their third straight weekly loss, of more than 2%.
SPDR Dow Jones Industrial Average ( DIA ) dropped 2.4% for the day and a roughly equal amount for the week.
The ETF, holding 30 industrial leaders, is 12% off its May high and below both its 50- and 200-day moving averages, which are bearish signals.
Apple ( AAPL ) stumbled 2.4%. The stock has not closed above 100 since Jan. 6.
None of DIA’s 30 holdings posted a gain.
All 11 Select SPDR ETFs tracking S&P 500 sectors posted losses. Financial services and energy fared worst.
For the week, materials saw the biggest losses. Utilities ruled the top end.
China, Commodity Rout
Friday’s sharp sell-off in the U.S. stock market followed a deeper rout abroad.
The benchmark Shanghai composite closed out the week in bear market territory, more than 20% below a Dec. 25 high. Despite official efforts to prop up the economy, new data showed Chinese banks gave out notably less in new loans for December than in the previous month.
U.S. crude plumbed the psychologically key $30 level, sinking more than 6% to its lowest point in more than a decade.
Brent, the benchmark for international oil prices, closed below $29 a barrel ahead of a likely lifting of international sanctions that curbed oil exports out of Iran.
Gold And Dollar
Bond and gold buyers celebrated higher prices for safe-haven assets amid the stock plunge.
The largest ETFs backed by physical gold gained 1% Friday, lifting off their 50-day line.
For the week, they slipped 1.5%.
The dollar eased against a basket of six other major world currencies, including the euro, yen and British pound.
10 Bellwether ETFs:
Here’s a look at how the major exchange traded funds tracking various asset classes performed today.
Following daily ETF market action can be key to successful investing :
SPDR S&P 500 (SPY), -2.1%, RS 63
PowerShares QQQ (QQQ), -3.1%, RS 69
SPDR Dow Jones Industrial Average ( DIA ), -2.4%, RS 63
IShares Core S&P Mid-Cap (IJH), -1.5%, RS 51
IShares Russell 2000 (IWM), -1.6%, RS 44
IShares MSCI EAFE (EFA), -3.6%, RS 51
Vanguard FTSE Emerging Markets (VWO), -4.2%, RS 30
SPDR Gold Shares (GLD), +1.0%, RS 56
IShares Core U.S. Aggregate Bond (AGG), +0.1%, RS 78
PowerShares DB U.S.$ Bullish (UUP), -0.2%, RS 85
Follow Aparna Narayanan on Twitter @IBD_ANarayanan .
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