By Aparna Narayanan
Exchange traded funds tracking the S&P 500 and Dow Jones industrial average closed lower Friday and posted a weekly loss.
PowerShares QQQ (QQQ), tracking the tech-heavy and biotech-heavy Nasdaq 100, snapped a string of eight weekly gains. Biotechs were pounded this week amid an outcry over pricing of the allergy treatment EpiPen.
Gold prices rallied before Fed Chair Janet Yellen's speech in Wyoming. But they closed firmly lower as investors digested her remarks that the case for raising interest rates has "strengthened" in recent months.
Higher rates usually tend to weigh on gold, a nonyielding safe-haven asset.
SPDR Gold Shares (GLD) ended lower after a choppy session on the stock market today. The commodity ETF closed the week by dropping below its 50-day moving average, after falling for the sixth session in a row.
An early rally Friday for gold mining ETFs also faded, into the close.
VanEck Vectors Gold Miners (GDX) gave back gains of nearly 2% to end in the red. One ETF pro saw the reversal as an encouraging sign.
"The market turned rational," Michael Venuto, CIO of Toroso Investments, told IBD via Twitter.
PureFunds ISE Junior Silver (SILJ) trimmed gains of more than 5% to 2%.
Financial services led advancing S&P 500 sectors Friday, up 0.4%, getting a boost from Yellen's speech on the rate outlook. Rate-sensitive sectors such as utilities and real estate fell hardest, as much as 2.1%.
12 Bellwether ETFs
Here's how major exchange traded funds across major asset classes performed today, with IBD Relative Price Strength Ratings.
Mining funds are among the year's best-performing ETFs, with SILJ leading peers with an eye-popping 229.4% gain.