Daily ETF Roundup: UNG Sinks, EWZ Rises

After slumping for much of the day in the wake of a weak jobs report–private employers added just 83,000 jobs–equity markets surged in the final hour of trading, only to fall back in the final 15 minutes. Oil continued its slide to finish down more than $6/bbl. for the week, while gold traded rangebound after its steep drop on Thursday. In addition to the weak jobs report, investors reacted to a poor factory order report that saw orders excluding transportation fall 1.4% in May–the biggest drop since March of 2009. These two pieces of news combined to increase the probability in many investors’ minds of a double dip recession heading into the third quarter. “This is back to the drawing board,” said Quincy Krosby, general strategist for Prudential Financial. “The market is pricing in a much more significant slowdown than the soft patch that we are in right now, and [...] Click here to read the original article on ETFdb.com. Related Stories: Daily ETF Roundup: XLF Sinks, UNG Rises Daily ETF Roundup: VXX Sinks, UNG Rises Daily ETF Roundup: UNG Sinks, FXI Rises