Earnings season began on Wednesday with mixed news, including poor results from Alcoa (AA) and a few indicators that pointed to the retail sector being not quite as weak as the worst estimates surmised. Exchange-traded funds largely followed the turbulent market session with financial sector funds dropping despite mild overall gains. The Dow Jones Industrial Average swung into negative territory twice before finishing up 47 points at 7837. To see a complete rundown on Wednesday s trading session see our market story.

Winners

The SPDR KBW Insurance fund (KIE) finished strong, gaining 4.8% after reports said the government may allow some insurers to be eligible for federal bailout money from the Troubled Asset Relief Program. A better-than-expected showing from Bed Bath & Beyond (BBBY) helped push interest in consumer stocks as investors decided some projections were too low. The SPDR Consumer Discretionary Select fund (XLY) rose 2.8%.

Losers

The release of Fed meeting minutes and ongoing concerns about the results of the government s stress tests on bank capitalization kept investors cautious on the SPDR KBW Bank fund (KBE), which lost 1.3% on Wednesday. The iShares Dow Jones U.S. Regional Banks Index fund (IAT) lost 1.0%.

Thursday s Notebook

Earnings and Conference Calls
Adams Express, Allied Group, A-Power Energy Generation, Chevron, Franklin Covey, Movado, Pep Boys

Economic Data
8:30 a.m. Initial Jobless Claims
8:30 a.m. Feb. Trade Balance
8:30 a.m. March Import Prices
10:00 a.m. DJ-BTMU Business Barometer

Quick Take

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