A 4% rally in top holding Facebook (NasdaqGS: FB) helped Global X Social Media Index ETF (NasdaqGS: SOCL) trade higher Tuesday morning after the fund’s first two-day slide in over a month.
Facebook climbed to a fresh all-time high after Citigroup upgraded the stock to buy, citing the company’s mobile strategy. The social media ETF has 12.5% in FB.
Also lifting Facebook shares was a report that the new Shanghai Free Trade Zone will allow users to access banned western social media platforms Facebook and Twitter, according to Barron’s.
The social media ETF was up nearly 1% Tuesday after a two-day pullback. The fund experienced record trading volume on Monday. [Social Media ETF Takes a Breather]