Market Wrap-Up

A week of market sound and fury signified a Friday slump, whipping energy and financially focused exchange-traded funds up and down, while briefly pushing the Dow Jones Industrial Average below 8,000 before the close of trading.

Government intervention loomed large in the markets. It took the form of the House passage of an $819 billion stimulus plan, as well as increased -- then heavily scrutinized -- talk of a so-called bad bank to help pry toxic assets off battered bank balance sheets. By Friday afternoon, though, that plan seemed less certain as government officials and Wall Street leaders sparred over how to move forward.

Optimism over the bad bank scheme gave some midweek lift to many bank stocks, particularly Wells Fargo (WFC), which climbed 18.3% over the week despite posting a $2.6 billion quarterly loss.

Economic indicators, including year-end quarterly GDP figures, weren t as bad as expected, though the 3.8% decline was still the worst on record since 1982.
The Dow Jones Industrial Average closed down 148 points to 8000.9 on Friday, a 0.95% drop for the week. The S&P 500 dropped 19 points Friday to close at 826, its worst January on record.

Oil closed at 41.63, a 6% drop for the week.

Winners

A stronger-than-expected quarter for Amazon.com (AMZN) pushed the Internet HOLDRS Trust ETF (HHH) up 6.1% for the week. The Regional Bank HOLDRS Trust (RKH) closed up 3.9% for the week despite the volatility of the financial sector. The Market Vectors Solar Energy fund (KWT) closed up 5.8% for the week, driven by gains in Suntech Power Holdings (STP).

Losers

The PowerShares Listed Private Equity Portfolio (PSP) shed 9.3% for the week, due in part to a brutal performance from Fortress Investment Group (FIG). Energy price drops hit the United States Oil fund (USO), which finished down 9.7% for the week.

Friday s Industry News

Volatility remains in vogue with the Friday launch of Barclay s iPath exchange traded notes that track the CBOE Volatility Index, or VIX. The iPath S&P VIX Short-Term Futures and the iPath S&P 500 VIX Mid-Term Futures ETNs both have expense ratios of 0.89%.

Van Eck is set to launch an exchange-traded fund named the Market Vectors Pre-Refunded Municipal Index fund on Tuesday. It will track the Barclays Capital Municipal Pre-Refunded-Treasury-Escrowed Index, which is based on Treasury purchases for new issues of bonds replacing ones issued at higher rates.

Earnings and Conference Calls

Monday
Aflac, Anadarko Petroleum, Hitachi, Mattel, Rent-A-Center, Plum Creek Timber, SanDisk, W.R. Grace
Tuesday
Ace, Archer Daniels Midland, Centex, D.R. Horton, Dow Chemical, Electronic Arts, IAC, Jones Lang LaSalle, Manpower, Marathon Oil, Merck & Co., Motorola, Northrop Grumman, TravelZoo, Tyco International, United Parcel Service, Walt Disney, Yum Brands
Wednesday
Akamai Technologies, Alcatel-Lucent, Allergan, AvalonBay Communities, BHP Billiton, Cisco Systems, Clorox, Devon Energy, Diebold, Goodrich, ITT, Kraft Food, MetLife, Philip Morris, Polo Ralph Lauren, Pulte Homes, Ryder Systems, Sara Lee, Time Warner, Tupperware, Visa
Thursday
Apollo Investment, Avanex, Belo, Bunge, Burger King, Cigna, EOG Resources, Evergreen Solar, Hartford Financial Services, Kellogg, MasterCard, McClatchy, Moody s, Scripps Networks Interactive, Unilever, VeriSign, Western Union
Friday
Aon, Biogen Idec, Wyerhauser

Economic Data

Monday
8:30 a.m. Dec. Personal Income
8:30 a.m. Dec. Personal Spending
10 a.m. Dec. ISM Manufacturing Index
10 a.m. Dec. Construction Spending

Tuesday
7:45 a.m. ICSC-Goldman Store Sales
8:55 a.m. Redbook Retail Sales Index
10 a.m. Pending Home Sales

Wednesday
7 a.m. MBA Purchase Applications
8:15 a.m. Jan. ADP Employment Survey
10:00 a.m. Jan. Non-Manufacturing Index
10 a.m. Existing Home Sales
10:30 a.m. EIA Petroleum Status Report

Thursday
8:30 a.m. Initial Jobless Claims for Jan. 31
8:30 a.m. 4Q Productivity
8:30 a.m. 4Q Unit Labor Cost
10 a.m. Dec. Factory Orders
10 DJ-BTMU Business Barometer for Jan. 23

Friday
8:30 a.m. Jan. Non-Farm Payrolls
8:30 a.m. Jan. Unemployment Rate
3:00 p.m. Dec. Consumer Credit

Quick Take
A look at how the industry's most popular ETFs did on Friday.