Market Wrap-Up

A volatile week for the markets ended with financial-services stocks pushing major indexes down, then up a bit as big names in the sector continued to flail and anticipate the actions of the incoming Obama administration.

This week Bank of America (BAC) headed back to Washington, D.C., to get another $20 billion of bailout cash, and another $118 billion in guarantees to insulate its balance sheets from the fallout of its hasty takeover of Merrill Lynch. Meanwhile, Citigroup (C) said it would dismantle its one-stop financial services business model by splitting off its brokerage unit.

In tech, Intel (INTC) announced a sharp drop in quarterly profit for the last three months of 2008, and said its first-quarter results would be at the low end of guidance. Apple (AAPL) shares dropped steadily on concerns about the health of CEO Steve Jobs, who took a six-month medical leave, a move followed by reports he could require a liver transplant.

The International Energy Agency reported that demand for oil would drop through the year as global economic activity slows. Oil was up slightly during the session to the $36 level, a slight decrease from the $38 price tag it commanded at the beginning of the week.

The Dow Jones Industrial Average had three consecutive losing sessions to start the week, then notched tepid gains on Thursday and Friday. It finished the week down 318 points at 8281.

Losers

Among ETFs, the fallout from the tumultuous week in financial services hit the SPDR KBW Bank fund (KBE) hard, sending it down 20.4% for the week. The Financial Select Sector SPDR Fund (XLF) also took a hard hit, closing down 15.9%.

Winners

The United States Gasoline Fund (UGA) finished up 7% for the week on government reports that supply was sufficient to meet demand. The iShares Dow Jones US Medical Devices Index Fund (IHI) closed up 4.1% as Medtronic (MDT), its heaviest weighted holding, had a volatile week amid reports from the General Accounting Office that the approval process for medical devices needs reform.

Industry News

Grail Advisors filed applications with the Securities and Exchange Commission to create two new ETFs, the Grail American Beacon Large Cap Value fund and the Grail American Beacon International Equity fund, to be subadvised by mutual fund manager American Beacon.

Earnings & Conference Calls

Monday: No earnings scheduled.

Tuesday: Commerce Bancshares, Jefferies Group, Johnson & Johnson, IBM, Parker-Hannifin, State Street, TD Ameritrade

Wednesday: Ambac Financial, Apple, BlackRock, Delta Air Lines, eBay, Freeport-McMoRan, Philip Morris International, Rockwell Automation, UAL,

Thursday: Advanced Micro Devices, Bank of NY, Comerica, Exelon, Fifth Third, Google, Janus Capital, KeyCorp, Lockheed Martin, Microsoft, Nokia, Potash, Sherwin-Williams, Southwest Air, SunTrust Banks, Union Pacific, UnitedHealth, US Airways

Friday: General Electric, Harley-Davidson, Schlumberger, Xerox

Economic Data

Monday
No major economic indicators scheduled.

Tuesday
7:45 a.m. ICSC Chain Store Sales Index for Jan. 17
8:55 a.m. Redbook Retail Sales Index for Jan. 17
5:00 p.m. ABC/Wash Post Consumer Confidence for Jan. 17

Wednesday
1:00 p.m. Jan. NAHB Housing Index

Thursday
8:30 a.m. Initial Jobless Claims For Jan. 17 Week
8:30 a.m. Dec. Housing Starts
10:00 a.m. DJ-BTMU Business Barometer for Jan. 9

Friday
No major economic indicators scheduled.

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