Market Wrap-Up

Oil made a big jump in price Thursday as the dollar lost ground on foreign currencies and traders grew concerned that a new missile base deal between the U.S. and Poland could spark tensions with Russia. The price of crude gained almost $6 a barrel to the $121 level. It was one of the most dramatic increases during a month that had seen the price fall considerably. That buoyed energy stocks but it also stoked new concerns about inflation and its impact on consumers.

Meanwhile, all eyes were once again on Fannie Mae and Freddie Mac. The shares of the two mortgage giants had been pummeled during earlier sessions this week. Today, though, investors seemed to find more confidence in the future of Fannie Mae than Freddie Mac. Fannie shares increased 13.2% while Freddie gained 2.8%. Investors also seemed to be keeping a watch on Lehman Bros. (, too.

Given that uncertainty, traders headed for safe harbors. The price for an ounce of gold jumped $25 to close at $841.

The Dow Jones Industrial Average gained 12 points to close at 11,429.

Winners

The surge in the price of crude lifted the prospects for energy-related ETFs. The PowerShares DB Oil ETF increased 5.4%. This fund is up 27.5% this year. The United States Oil fund gained 4.6%.

Traders also bid up the classic inflation play: gold and gold-focused offerings. The Market Vectors Gold Miners fund increased 6.4%.

Losers

A day after speculation about government growth initiatives drove up share prices, stocks in China pulled back when it became uncertain what, exactly, the leaders of that country would do to combat a sagging market, according to Bloomberg. The iShares FTSE/Xinhua China 25 ETF dropped 1.5%.

Friday's Notebook

Earnings
AnnTaylor, Harris Interactive, Perry Ellis, SkillSoft

Economic Data
No releases scheduled

Quick Take

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