Major stock ETFs closed higher for the week, with investors cheering two key tech earnings and news of a semiconductor deal Friday.
SPDR S&P 500 (SPY) posted a 0.4% weekly gain, led higher by the materials sector while utilities trailed. This exchange traded fund serves as a proxy for the broad U.S. market and sits 2% below its August high of 219.60.
Shares of two out of roughly 500 holdings struck record highs on the stock market today.
Microsoft (MSFT) jumped 4.3%, climbing as high as 60.45 after the company reported solid results from its cloud unit as it pivots away from a hardware-focused business model.
PayPal (PYPL) gapped up 10.0%, rising as much as 44.24 after reporting it grew active customer accounts and revenue.
Among other holdings, chipmaker Qualcomm (QCOM) rose 0.9% amid news that the company is nearing a deal for NXP Semiconductors (NXPI).
IBD'S TAKE: Microsoft stock has an IBD Composite Rating of 65, meaning it has outperformed 65% of stocks in key metrics over the past 12 months. For a list of better-performing stocks, check out the IBD 50.
SPDR Gold Shares (GLD) advanced 1.2% on the week after three weeks of losses amid a rising dollar and rate-hike fears. The commodity ETF tracks the spot price of gold.
VanEck Vectors Gold Miners (GDX) gained 7.1% on the week to retake the 40-week moving average. A smaller peer vaulted 11% in the same period.
"If you are looking for places to add a little capital that can protect you from the election-inspired uncertainties in the market, gold deserves strong consideration," Doug Fabian, president of Fabian Wealth Strategies, wrote in his Oct. 21 Weekly ETF Report.
12 Bellwether ETFs
Here's how major exchange traded funds across major asset classes performed today, with IBD Relative Strength Ratings.
The RS Rating is a measure of a stock's price performance over the last 12 months, compared with all stocks and ETFs, on a scale of 1 to a best-possible 99.
Following daily ETF market action can be key to successful investing:
SPDR S&P 500 (SPY), 0%, RS 53
PowerShares QQQ (QQQ), +0.4%, RS 65
SPDR Dow Jones Industrial Average (DIA), -0.2%, RS 48
IShares Core S&P Mid-Cap (IJH), 0%, RS 60
IShares Russell 2000 (IWM), 0%, RS 65
IShares MSCI EAFE (EFA), -0.2%, RS 44
Vanguard FTSE Emerging Markets (VWO), 0%, RS 72
SPDR Gold Shares (GLD), +0.1%, RS 48
United States Oil (USO), +0.4%, RS 63
IShares Core U.S. Aggregate Bond (AGG), +0.1%, RS 40
PowerShares DB U.S.$ Bullish (UUP), +0.4%, RS 40
IPath S&P 500 VIX Short-Term Futures (VXX), -2.2%, RS 1
