An exchange-traded fund that tracks the cannabis-related industry spiked on heavy volume on Friday, after the Washington Post reported that President Donald Trump promised Sen. Cory Gardner that he would support congressional efforts to protect states that have legalized marijuana. The Horizons Marijuana Life Sciences Index ETF surged 6.5%. The ETF, which is listed on Toronto’s exchange, traded on volume of more than 940,000 shares, nearly twice its 30-day average. Another fund, the ETFMG Alternative Harvest ETF , rose 4.7% and saw volume of nearly 1.5 million shares, significantly higher than its 30-day average, which is below 280,000. For both, the day’s move was the biggest one-day percentage gain since Feb. 8, as well as their fourth straight positive session. The Dow Jones Industrial Average fell 0.5% on Friday while the S&P 500 closed down 0.3% and the Nasdaq Composite Index closed down 0.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.