Market Wrap-Up

Major indexes went through another day of gains and reversals Thursday, delivering mixed results to most exchange-traded funds. While U.K. banks, including the Royal Bank of Scotland (RBS), surged on further details of a government rescue plan there, a preliminary airing of President Obama s budget goals back here in the States had a discouraging effect, particularly the news that some Bush-era tax cuts would expire in 2011 and 2012. The Dow Jones Industrial Average briefly burst through 7,400 in early trading, but finished the day down 88 points at 7182. To see a complete rundown on Thursday s trading session see our market story.

Banks, a particularly volatile sector, rose 4.9% after the government further described its rescue plan, which will include stress tests" to project how particular institutions would respond under a range of conditions. That range now includes severe recession conditions. That put financial ETFs in the spotlight again the SPDR Select Financials fund (XLF) saw a slight rise as 294 million shares changed hands, the third most active ticker in the market.

Winners

Surging energy prices pushed crude oil up to $44.56 a barrel, a 4.8% increase. That pushed up shares of the United States Oil fund (USO) by 4.7%. The ProShares Ultra DJ-AIG Crude Oil fund (UCO) closed up 10.2%.

Losers

The iShares Nasdaq Biotechnology Index fund (IBB) slipped 4.7% as components Amgen (AMGN) and Gilead Sciences (GILD) share their share prices fall. The SPDR Select Health Care fund (XLV) also decreased 4.4%.

Thursday s Industry Headlines

Data Point
WisdomTree Investments will cut the financial sector exposure out of its WisdomTree Dividend Top 100 (DTN) and the WisdomTree International Dividend Top 100 (DOO), according to a recent Securities and Exchange Commission filing. The funds will be renamed the WisdomTree Dividend ex-Financials Fund and the WisdomTree International Dividend Ex-Financials Fund.

Friday s Notebook

Earnings and Conference Calls
Calpine, Deutsche Telekom, James River Coal, Lousisana-Pacific, Phoenix Companies, Progressive, Westar Energy

Economic Data
8:30 a.m. 4Q Preliminary GDP
9:45 a.m. Jan. Chicago PMI
10:00 a.m. End-Feb. Reuters/University of Michigan Sentiment Index

Quick Take

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