U.S. equity ETFs were poised to reverse a three-week slide in afternoon trading Friday as investors looked ahead to the long holiday weekend that unofficially kicks off the summer.
However, stocks were choppy this week on lingering speculation that Greece is preparing an exit from the euro. Traders appeared hesitant to hold long positions going into Memorial Day weekend.
In afternoon dealings Friday, the S&P 500 was on track for a 1.9% weekly gain, the Dow added 0.9% and the Nasdaq Composite rose 2.1%.
Facebook shares continued to languish after last week’s botched IPO – the stock was trading below the $32 offer price at last check Friday. Facebook was added to Global X Social Media Index ETF (NYSEArca: SOCL) this week, entering the sector fund with a portfolio weighting of about 9%.
In currency markets, the euro lost ground versus the dollar this week on Eurozone debt fears. PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) was set for a 1.6% advance this week.
Meanwhile, Treasury yields continue to trade near record lows with yields on the 10-year note stuck under 1.8% on the deflation and safety trades.