Exchange-traded funds closed out a fifth week of losses with more selling on Friday, after Bank of America
Financial stocks ended lower with the broader market late Friday, as investors fretted over yet another disappointing jobs report. The four financial stocks listed in the Dow Jones Industrial Average -- Travelers, Bank of America, JPMorgan Chase
The U.S. services sector grew at slightly faster pace in May compared with the prior month, according to a survey of senior executives. The Institute for Supply Management on Friday said its services index rose to 54.6% last month from 52.8% in April. Readings over 50% indicate that more firms are expanding than contracting. The increase in the ISM's service index bucked the prevailing trend in economic data. Most indicators have turned lower over the past month. Yet the positive ISM report did nothing to alter the sour mood of investors. U.S. stocks fell sharply Friday, after the monthly employment report for May showed that the economy added a scant 54,000 jobs. The Healthcare Select Sector SPDR ETF
Crude-oil futures closed lower as disappointing employment data fueled concerns about the U.S. economy and energy demand, but a weaker dollar supported prices. Add to that the surprise increase in weekly crude supplies reported by the Energy Information Administration on Thursday. Oil started with moderate losses after a survey showed the U.S. service sector accelerated slightly in May. A weaker dollar is beneficial to oil and other dollar-denominated commodities, as it makes them cheaper to holders of other currencies, broadening their investment appeal. Analysts at MF Global said they believe energy markets will focus on a June 8 meeting of the Organization of the Petroleum Exporting Countries, "where mixed signals are being sent as to what the cartel will do." The Oil Services HOLDRs
The dollar extended losses against the euro Friday, after more details about a new aid package for Greece came to light, increasing confidence in European policymakers' ability to handle the sovereign-debt crisis. The greenback came under pressure early in the session, after a government report showed the U.S. economy added far fewer jobs in May than economists expected, adding to concerns that the recovery is weakening. The euro rose to $1.4636, near the highest in at least three weeks and up from $1.4484 late Thursday. The dollar index has fallen 1.6% from last Friday and against the yen, the dollar is 0.6% lower. The Rydex CurrencyShares Euro Trust ETF
Gregory A. Clay contributed to this article.
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