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Cash ran back to defensive stocks Monday, lifting the tradable pharmaceutical and consumer staples funds while techs buckled on the outlook for PC makers.
The Pharmaceutical HOLDR (PPH | Quote | Chart | News | PowerRating) jumped 3.9%, clearing its 50-day moving average on active trade. It was the day's biggest gain among the exchange-traded funds.
The basket of drug stocks was helped by Merck (MRK | Quote | Chart | News | PowerRating), which Monday posted second-quarter earnings of 73 cents a share versus 61 cents a year ago. The company cited robust sales of its new arthritis drug Vioxx and its cholesterol pill Zocor. Merck shares gained 5 27/32 to 69 19/32 on huge volume.
The Consumer Staples (XLP | Quote | Chart | News | PowerRating) SPDR picked up 2.1%, also clearing its 50-day.
On the downside, the Internet (HHH | Quote | Chart | News | PowerRating) and B2B Internet HOLDRs (BHH | Quote | Chart | News | PowerRating) shed 4.8%, the Dow Jones Internet Index iShares (IYV | Quote | Chart | News | PowerRating) 4.9%, the Nasdaq 100 Tracking Stock (QQQ | Quote | Chart | News | PowerRating) 2.4%.
The Energy SPDR (XLE | Quote | Chart | News | PowerRating) lost 1.1%, falling again with crude oil prices. September crude oil on the New York Mercantile Exchange traded as low as $27.96 per barrel before settling at $28.02, a decline of 54 cents on the day.
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