The Week in Stocks and Funds
Which stocks and funds are hot, and which are not.
It was a seesaw week for the market. Stocks powered higher during the middle of the week, on relatively bullish comments from Intel (INTC) and a major analyst's upgrade of semiconductor stocks, but they gave some of their gains on Friday. For the week, the Dow Jones Industrial Average and S&P 500 index narrowly finished in the black. The Dow increased 0.9% to 10,512, while the S&P 500 rose 0.7% to 1,214. Thanks to the strength of chip stocks, the Nasdaq Composite index managed to gain 1.8%, to 2,066.
Fund Category Returns
Specialty-technology funds posted the biggest gains for the week through Thursday, rising an average of 5.2%. Profunds Ultra Semiconductor (SMPIX), a leveraged play on chipmakers, rose a whopping 15.6% during the week. Even Monterey Murphy New World Technology (MNWTX) managed to get in on the act, rising 10.7%. We're not quite ready to issue a buy recommendation on that fund, though: Over the past five years, it has lost 14.1% on an annualized basis, trailing its average rival by nearly 30 percentage points per year. The chip-heavy Berkshire Focus Fund (BFOCX), which soared more than 100% in both 1998 and 1999, also posted a huge gain last week, returning 10.1%.
Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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