Gains of more than 3% in market bellwethers Bank of America and Microsoft helped drive stock exchange traded funds higher Monday, while Treasury ETFs fell sharply as investors sold U.S. government debt.
SPDR S&P 500 ETF was up more than 1% in the final hour of trading as the bulls were firmly in control on Monday, albeit on light trading volume.
The S&P 500 has survived multiple tests of its 200-day moving average over the past week.
Bank of America shares rallied 3%, lifting financial ETFs on Monday after new capital rules for banks were unveiled over the weekend.
The Nasdaq-100 PowerShares QQQ jumped 2% as top holding Microsoft tacked on a nearly 5% gain in recent trading.
In bonds, Treasury ETFs traded lower as stocks rallied. The iShares Barclays 20+ Year Treasury Bond Fund shed more than 1%.
Currency markets were also in “risk-on” mode Monday as the euro strengthened against the dollar before an austerity vote in Greece.
Gold and silver ETFs were lower Monday while gold funds have dropped below a key technical indicator.
In industry news, a recent survey estimates ETF usage by investors will double by 2012.
SPDR S&P 500 ETF
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