After six strong weeks, stocks had a very difficult day. As we've said previously, a decent-sized pullback after such a big run-up seemed likely. How the market responds the next few days will be important in setting the near-term trend as we hit the busiest part of earnings season. There will be a lot of company data and projections to chew on over the next two weeks, but that will just be an appetizer to what the government has to say about its bank stress test on May 4th. Stocks plunged to start the week. The Dow fell -290 points to 7,842, while the S&P dropped -37 points to 832. The Nasdaq, meanwhile, lost -65 points to 1,608. Oil nosedived -$4.45 to $45.88 a barrel, while gold climbed $19.60 to $887.50 an ounce. The Leveraged ETFs was the top performing tickerspy Index on the day, led by Direxion Shares Etf Trust Financial Bear 3x (NYSE: FAZ - News) with a 31% gain. Full Story: http://finance.yahoo.com/news/Deals-Offer-Bright-Spots-But-indie-14977119.html?.v=1
The London Stock Exchange today admitted seven new iShares ETFs, taking the total number of ETFs on the Exchange to 200. First launched in 2000, the ETF market in London has continued its strong expansion in spite of difficult recent market conditions, with 18 new admissions and £12.2 billion worth of trading so far this year.
Pietro Poletto, Head of ETF and ETC Markets at London Stock Exchange Group, said:
“It is testament to the attractiveness of the ETF model that at time when equity markets are perceived as being quiet, the ETF market has continued to expand, with very strong trading activity, and regular new product issuance.”
The issuers on the Exchange’s ETF market are: Deutsche Bank, ETF Securities, Invesco Powershares, iShares and Lyxor. Between them, they issue 78 ETFs based on developed market equity indices; 21 fixed income based ETFs; 41 ETFs tracking emerging markets indices; 53 ETFs covering a broad range of industrial sectors or specific asset classes such as property, private equity or commodities, and seven ‘style’ ETFs that focus on specific investment approaches such as small caps or companies with a record of strong dividend payments. In addition, there are now 123 Exchange Traded Commodities and one Exchange Traded Note