Market Wrap-Up

As traders headed off early Thursday for the long holiday weekend, they left behind a stock market that suffered a big two day drop last Thursday and Friday and one that eventually fell into bear market territory once trading opened this week. High oil prices were the culprit once again. Reports speculated Israel may be gearing up for a conflict with Iran. Oil closed the week over $144 per barrel.

But there were also plenty of corporate announcements for investors to stew over. General Motors hit a 54-year low when an analyst questioned whether the company would have to declare bankruptcy if sales continued to deteriorate. Some financials were downgraded ahead of second quarter earnings releases due over the next few weeks. Blockbuster walked away from its deal to buy Circuit City. However, Microsoft kept the M&A engine alive when the Wall Street Journal reported the company was looking for partners to pull off a deal to buy and break up search engine firm Yahoo.

The Dow Jones Industrial Average closed down 56 points for the week, ending at 11,289.

Winners

Investors looking for a little cover from the market's volatility jumped into the biggest blue chips on the planet Thursday. The

SPDR Dow Jones Global Titans

During a shortened trading week, one of the biggest gainers was United States 12 Month Oil. It increased 5.2%.

Losers

When the stock market enters bear territory no company is immune from indiscriminate selling. For example, coal stocks sold off this week on the mildest of provocations, as investors opted to take profits. The

Market Vectors Coal ETF

Solar stocks also lost their shine. Traders focused on Spain's debate about continuing to grant the industry government incentives. And in Germany there are also over-capacity concerns. Claymore/MAC Global Solar Energy and Market Vectors Solar Energy decreased 11.7% and 10.7%, respectively, this week.

The Week's Industry Headlines

Launching Pad

Invesco PowerShares announced that its Global Wind Energy Portfolio ETF began trading. The fund tracks an index of 32 companies that derive all or a substantial portion of their revenues from this niche. It charges an expense ratio of 0.75% a year.

Closing Down
The board of directors of Realty Funds announced it was liquidating effective July 31 seven Adelante Shares ETFs that focused on real estate. (July 24 will be the last day of trading.) Click here to view the full press release.

Next Week's Notebook

Alcoa kicks off the second quarter earnings season when it reports its numbers on Tuesday.

Earnings

Tuesday:

Alcoa, Century Bancorp, Helen of Troy, Pepsi Bottling, Premier Exhibitions, Sealy, Greenbrier

Wednesday:

Flow International, International Speedway, Intervoice, Material Sciences, Ruby Tuesday, Shaw Group, Wolverine

Thursday:

Chattem, Marriott, Penford, Texas Industries

Friday:

Fastenal, General Electric, Rockwell Collins

Economic Data

Monday:

Conference Board Employment Trends (10 a.m.)

Tuesday:

Chain Store Sales (7:45 a.m.), Retail Sales (8:55 a.m.), Wholesale Trade (10 a.m.), Pending Home Sales (10 a.m.), Consumer Credit (3 p.m.)

Thursday:

Initial Jobless Claims (8:30 a.m.), Business Barometer (10 a.m.)

Friday:

Trade Balance (8:30 a.m.), Import Prices (8:30 a.m.), Federal Budget (2 p.m.)

Quick Take

A look at how the industry's most popular ETFs did on Thursday.