Stock Markets Latest News: Facebook Finally Closes Above IPO Price

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Stock Markets Latest News: Facebook Finally Closes Above IPO Price

Stock Markets Latest News: Facebook Finally Closes Above IPO Price
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Stock Markets Latest News: Facebook Finally Closes Above IPO Price

Wochit 0:58 mins

It took more than 14 months, but Facebook has finally bounced back from a disastrous initial public offering. The social network's shares closed above its offering price of $38 for only the second time in history. U.S. stocks were nearly flat after data showed the jobless rate fell in July but U.S. hiring slowed, as the Dow and the S&P 500 pulled back from the record closing highs they hit on Thursday. Driven by better news on the economy, the stock market roared back to record highs. The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since September 2000.

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