U.S. stocks were lower for the third straight week on Greece and European debt worries while Facebook’s (NasdaqGS: FB) highly anticipated IPO was a disappointment in the first day of trading Friday.
A social media ETF fell sharply on Friday amid the Facebook IPO. [Social Media ETF Down as Facebook Begins Trading]
Stepping back, U.S. stocks continue to move lower on speculation Greece will soon leave the euro. In Friday afternoon trading, the S&P 500 was down 4% for the week, the Dow slipped 3.4% and the Nasdaq Composite shed 4.8%.
Not surprisingly, the top ETF performers in the risk-off trade this week were volatility funds and Treasury bonds. The iShares Barclays 20+ Year Treasury Bond (NYSEArca: TLT) was set for a 4% weekly advance. [TLT Nears All-Time High as Yields Plunge]
Yields on the 10-year Treasury note are hovering near historic lows, suggesting investors are afraid of deflation and moving into safe havens.