Russia ETF Surges on Oil, New President

Market Wrap-Up

Traders could clearly see Thursday how the current economic situation is impacting consumer spending habits. Wal-Mart Stores (WMT) and Costco (COST), two firms that sell merchandise at a discount, wound up posting decent monthly sales figures while Limited Brands (LMT) and Gap (GPS), more upscale chain stores, announced disappointing results. That anecdotal evidence seems to indicate consumers may be doing some belt-tightening in front of the summer vacation season. Meanwhile, oil once again continued its upward rise. Crude ended at a record $124 per barrel. Financials fell ahead of quarterly results from AIG (AIG) that weren't due until after the market closed. The Dow Jones Industrial Average gained 53 points to 12,867. Gold hit $884 an ounce, up $13.

Winners

A new president in Russia, reports detailing an uptick in consumer lending in Poland, record-high oil prices and news Slovakia may adopt the euro as its currency made Eastern Europe and Russia leading gainers Thursday. Market Vectors Russia (RSX), an ETF that owns 31 firms — mostly in the energy sector — that have market caps over $150 million, gained 4% in heavy trading. SPDR S&P Emerging Europe (GUR) jumped 3.7%. That ETF owns companies in Russia, Poland, Turkey, the Czech Republic and Hungary.

Losers

Hovnanian Enterprises (HOV), a major home builder, announced plans to sell 14 million shares. The move didn't sit well with investors. The stock fell 12% and dragged down the sector along with it. IShares Dow Jones U.S. Home Construction (ITB) and SPDR S&P Homebuilders (XHB), two ETFs that count Hovnanian among its top holdings, lost 4.6% and 4.5%, respectively, during Thursday's trading session.

Friday's Notebook

Earnings
Citizens, Clear Channel, Cogent, Gray Television, Huntsman, Southern Union, Westar Energy

Economic Data
Trade Balance (8:30 a.m.)

Quick Take

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

10 Largest ETFs
Symbol	Net Assets	Price	52 Week High	52 Week Low	Volume
SPY	82,300	139.47	156.39	127.71	171,142,020
EFA	45,423	76.49	85.64	67.18	6,958,360
EEM	23,848	148.21	165.39	117.49	11,382,704
GLD	NA	87.2	99.81	63.55	8,599,672
IVV	16,409	140.09	156.65	127.94	3,387,233
QQQQ	17,038	48.4	55.03	41.17	126,676,342
IWF	12,858	58.16	63.64	52.79	602,339
SHY	9,574	83.25	84.49	79.64	709,469
VTI	9,779	138.93	155.31	126.28	116,224
IWD	8,328	77.02	89.77	70.41	1,223,456