Tuesday’s ETF To Watch: Basic Materials ETF (IYM)

Equity markets were off to go a good start in August as major American indexes posted gains of more than 2% on the day. This sharp spike came after a better than expected July reading for Supply Management’s manufacturing index and an unexpected climb in June construction spending. These solid reports combined with strong earnings in many European banks to fuel a robust rally on Wall Street and temporarily calm growing fears over the health of developed market economies. However, later today markets will soak up another batch of earnings reports with a few key American bellwethers giving their quarterly updates which could erase or add to yesterday’s broad gains. Among the most important companies include Pfizer, Procter & Gamble, and MasterCard, representing a full swath of the U.S. consumer economy which has been especially hard hit in the recent recession. In addition, one more industrial focused company looks to [...] Click here to read the original article on ETFdb.com. Related Stories: Alcoa Boosts Materials ETFs Tuesday’s ETF To Watch: PBJ ProShares Files For More Leveraged ETFs: China, Biotech, Real Estate, Materials