An uneventful Friday capped off a lackluster week for stocks as the rally from March lows continued to wane. Tech stocks stayed strong on data that more people are using smartphones. That s good news for chip makers as well as manufacturers of the handheld sets, from Research in Motion (RIMM) to Apple (AAPL). Crude oil prices dropped back below $70, weighing down energy stocks. The Dow Jones Industrial Average lost 16 points to close at 8539. It was the first week in five the Dow had posted a weekly gain. For a complete rundown of Friday s trading session see our market story.

Winners

Policy discussions on health-care reform pushed up shares of the SPDR Health Care Select Sector fund (XLV) 2.0% for the week. The United States Natural Gas ETF (UNG) climbed 1% for the week as gas held steady against declining crude oil prices.

Losers

Oil prices slipped through the week, knocking the SPDR S&P Oil & Gas Exploration & Production fund (XOP) back 9.5%, and took 7.3% off the Oil Service HOLDRS (OIH). The energy-heavy Market Vectors Russia fund (RSX) slid 6.2%.

This Week s Industry News

Launching Pad
ProShares started trading with a quartet of leveraged short exchange-traded funds to mirror and amplify the inverse of key emerging and global market indexes. ProShares launched the UltraShort MSCI Europe, UltraShort MSCI Pacific ex-Japan, UltraShort MSCI Brazil and UltraShort MSCI Mexico Investable Market funds. The funds carry an annual expense ratio of 0.95%.

Claymore Advisors sought Securities and Exchange Commission permission for a trio of actively managed exchange-traded funds. One of the three funds, the Claymore Laffer MacroEconomic Global Equity ETF, will be managed by supply-side economist Art Laffer s economics consulting firm, Laffer Associates. The other funds are the Claymore/S&P Commodity Trends Strategy ETF and the Claymore Active National Municipal ETF.

Wheaton, Ill.-based fund provider First Trust wants Securities and Exchange Commission permission for a community bank-focused exchange-traded fund that will track the NASDAQ ABA Community Bank index. That benchmark is primarily made up of small- and midcap community banks. The fund will charge 0.6% in annual operating expenses.

Next Week s Notebook

Earnings and Conference Calls

Monday
Smith & Wesson Holding, Walgreen

Tuesday
AeroVironment, America's Car-Mart, Apogee Enterprises, Commercial Metals, H.B. Fuller, Jabil Circuit, Kroger, Oracle, Sonic, Steelcase

Wednesday
American Greetings, Bed Bath & Beyond, CKE Restaurants, Darden Restaurants, Monsanto, Nike, Paychex, Red Hat, Rite Aid, Wyeth

Thursday
Accenture, American Software, ConAgra Foods, Jackson Hewitt Tax Service, Lennar, Micron Technology, Palm

Friday
KB Home, Logility

Economic Data

Monday
No major economic indicators scheduled.

Tuesday
7:45 a.m. ICSC Chain Store Sales
8:55 a.m. Redbook Retail Sales
10:00 a.m. May Existing Home Sales
10:00 a.m. June Richmond Fed Manufacturing Index
5:00 p.m. ABC/Washington Post Consumer Confidence

Wednesday
8:30 a.m. May Durable Goods Orders
10:00 a.m. May New Home Sales
2 p.m. FOMC Meeting

Thursday
8:30 a.m. 1Q Final GDP
8:30 a.m. Initial Jobless Claims
2:15 p.m. June FOMC Interest Rate Decision

Friday
8:30 a.m. May Personal Income
8:30 a.m. May Personal Spending
10:00 a.m. DJ-BTMU Business Barometer
10:00 a.m. End-June Reuters/Univ. of Michigan Sentiment Index

Quick Take

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