Ali Baba Soars in Its First Public Day on the Stock Market
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vichie81/iStockphoto/Thinkstock(NEW YORK) — A long-awaited IPO got a lot of attention on Friday, but it didn’t do too much to help the markets.
The Dow Jones Industrial Average went up 13.75 points Friday, closing at 17,279.74. The Nasdaq lost 13.64 points, ending the day at 4,579.79, while the S&P 500 lost .96 of a point, closing at 2,010.40.
The Chinese e-commerce company Ali Baba went public Friday, soaring 38% in its first day of trading to close at almost $94 per share. More than 100,000,000 shares were traded, and by mid-day, it was bigger than the Twitter IPO.
General Motors CEO Mary Barra says the company will begin working on a new Cadillac early next year. The high-end car will be built in Detroit and is expected to bring much-needed jobs to the city.
The NFL is facing several domestic violence scandals, but they don’t appear to be hurting the bottom line. Merchandise sales are up 23% so far in September and the four highest-ranking TV shows last week were all NFL games.
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