Stocks initially started lower in the morning, pressured by news out of Europe. Greece on Friday formally asked for the activation of a joint European-International Monetary Fund rescue package that will provide the debt-laden country with 30 billion euros at interest rates of about 5% from the eurozone and roughly 10 billion euros from the IMF.
Stocks turned higher after a government report showed new-home sales surged last month, only to lose ground later in the session.
Bill Stone, chief investment strategist at PNC Wealth Management, described a "tug-of-war" occurring in the markets Friday, as investors continue to weigh a bettering economic climate on the one hand and lingering fears about Greece and financial reform on the other.
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