Facebook Stocks Tumble, But US Indexes Close Higher
(NEW YORK) -- Thursday was a winning day for Wall Street, despite some mixed economic reports. While Facebook's stock was down, U.S. markets ended the day higher.
Facebook's stock hit a new low Thursday as the IPO lockup period expired. The stock closed at 19.87, down 6 percent for the day, its lowest closing price since going public. The stock is down 48 percent from its IPO price of $38.
Meanwhile, Cicso Systems, the world's largest maker of computer networking equipment, gave the Dow a lift Thursday with a better than expected earnings report. The Dow closed up 85 points at 13,250. The S&P added 10 points at 1,415, and the Nasdaq Composite closed at 3,062 after adding 31 points.
Construction of single family homes and apartments fell 1.1 percent in July compared to June. But investors focused on the number of housing permits issued, which reached a four year high.
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