Market Wrap-Up

It's hard to imagine traders being upset with a whopping $11.7 billion quarterly profit about $1 billion a week. But when

Exxon Mobil

Exxon's earnings announcement set the tone for the session Thursday. The government announced jobless claims hit 448,000 for the week, above estimates. Also, the overall economy managed to grow just 1.9% the last quarter. That was below expectations. Even a somewhat bullish lunchtime speech by Treasury Secretary Henry Paulson about economic growth in the second half of 2008 couldn't kick the market into gear.

However, there were a few bright spots. Bristol-Myers Squibb offered to buy ImClone for $60 a share. ImClone has had success with Erbitux, a drug for colon cancer. Bristol-Myers already owned 17% of the biotech company.

The Dow Jones Industrial Average spent most of the day only flirting with a triple-digit loss but then sellers came out in force late in the session. The benchmark index finished down 206 points at 11,378.

Winners

The deal for ImClone sparked a buying frenzy in biotech ETFs. The

SPDR S&P Biotech fund

Losers

Oil pulled back on profit taking from Wednesday's rally and a weak GDP report. That led to heavy selling in a series of commodity-focused ETFs. The

Market Vectors Coal fund

SPDR S&P Metals & Mining ETF

Freeport-McMoRan

Alcoa

Newmont Mining

Nucor

Friday's Notebook

Earnings

Boyd Gaming, Chevron, Cigna, Clorox, First Energy, Hearst-Argyle, Nortel, Oshkosh, PPL, PEG Scana, Tasty Baking, Washington Post, Tidewater, Total

Quick Take

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