Market Wrap-Up

Oil continued its roller-coaster ride Wednesday. After breaking the $138-per-barrel level last week, crude had dropped to as low as $131. But Wednesday's government report showed a drop in inventories of 4.6 million barrels, a larger decrease than anticipated. The price spiked over $5 to close just shy of $137 per barrel. Also weighing on the stock market were renewed concerns that inflation was starting to creep up across the globe, especially in once-hot emerging markets. In addition, the Federal Reserve published its Beige Book, a survey of economic conditions in its 12 districts, which showed that growth remained weak in April and May. Traders reacted negatively to all that news, pushing down most sectors except, of course, energy. The Dow Jones Industrial Average dropped 206 points to 12,083.

Winners

With the price of oil jumping, it was a good day all around for natural resources ETFs.

PowerShares DB Oil

United States Heating Oil

United States Gasoline

United States Oil

United States 12 Month Oil

Losers

There were plenty of ETFs in the red, but small banking chains were hit particularly hard. Investors have become worried about the exposure these firms have to the credit and subprime mortgage crises. There have been sessions where these stocks have rebounded. But for the most part, the ETFs that own these stocks have been trading lower most of the year. The

SPDR KBW Regional Banking ETF

iShares Dow Jones U.S. Regional Banks

Wednesday's Industry Headlines

Launching Pad

: PowerShares announced the imminent launch of a new emerging-markets fund. PowerShares MENA Frontier Countries Portfolio will track the Nasdaq OMX Middle East North Africa index. That benchmark consists of companies in Egypt, Morocco, Oman, Lebanon, Jordan, Kuwait, Bahrain, Qatar and Arab Emirates.

Thursday's Notebook

Earnings

: Capstone Turbine, Herley Industries

Economic Data: Jobless Claims (8:30 a.m.), Import Prices (8:30 a.m.), Retail & Food Sales (8:30 a.m.), Business Barometer (10 a.m.), Business Inventories (10 a.m.)

Quick Take

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