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Market Update

The Week in Stocks and Funds

Financials rally, energy sputters.

The market posted mixed returns last week, with financials rising sharply but energy-related stocks falling. Overall, the major indexes treaded water for the week. The Nasdaq Composite index rose 0.3% to 2,035. The Dow Jones Industrial Average sliped 0.1% to 10,605. And the S&P 500 climbed 0.9% to 1,225.

Fund Category Returns
Specialty-financial funds were the big winners, notching a 4% return for the week through Thursday. Several brokerages, including Lehman Brothers Holdings  (LEH), Goldman Sachs  (GS), and Morgan Stanley Dean Witter (MWD), posted earnings that met or exceeded Wall Street's expectations. Regional banks rallied, too, on signs that inflation is in check, which might allow the Federal Reserve to cut interest rates by a half percentage point when it meets next week. Turner Future Financial Services (TFFIX) soared 6.7% on the week, FBR Financial Services (FBRFX) gained 5.9%, and Rydex Banking (RYKIX) climbed 5.4%.

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