Daily ETF Roundup:XLY Flops, BWX Jumps

Stock markets pulled back from their strong gains yesterday to finish the day in the red. Although investors were hopeful that a strong start to August would push equities forward, their expectations were halted today with the Dow losing 38 points, the Nasdaq dropping 11.8 points, and the S&P 500 falling 5.4 points. Though equity markets felt the pinch, oil gained 1.3% and gold was 0.2% higher on the day as investors sought the relative safety of the precious metals market. The fall in equities was attributed to disappointing earnings from Procter & Gamble and Dow Chemical which both reports weak profits which fell short of earnings estimates. Meanwhile, consumer spending for July showed little change from June signaling to many that the recovery was continuing to slow down. As markets slid, many investors piled into fixed income securities which helped to send interest rates sharply lower and bond prices [...] Click here to read the original article on ETFdb.com. Related Stories: Daily ETF Roundup: XLY Slides, JJC Jumps Daily ETF Roundup: VXX Sinks, XLU Jumps Higher Daily ETF Roundup: MOO Jumps, DBA Slides