Two-Day Rally for Agribusiness ETF

Market Wrap-Up

Coming into this week, traders knew financial-services stocks would be front and center, given the fact that many big Wall Street players were due to announce their second-quarter earnings. That has certainly been the case so far. Goldman Sachs (GS) announced Tuesday a $2.1 billion profit, or $4.58 a share, a tally that was better than analyst estimates. Ordinarily, results like that would carry the day.

But according to Bloomberg, a Goldman analyst also issued a report the same day warning of the troubles the financial-services industry still has to confront before it is out of the woods. The sector traded down all day. That was coupled with data showing the Producer Price Index, a measure of inflation, climbed 1.4% in May while housing starts fell to an annual rate of 975,000. The Dow Jones Industrial Average lost 109 points to 12,160. Oil closed at $133 per barrel.

Winners

The agriculture sector experienced a two-day rally. The Market Vectors Agribusiness ETF (MOO) gained 2.2% on the back of bullish analyst sentiments. This ETF owns companies like Potash (POT), Mosaic (MOS), Monsanto (MON) and Deere (DE).