Stocks Close Lower; Facebook Shares Approach IPO Price
(NEW YORK) — Even a robust report on home prices didn’t do much to help the markets on Tuesday.
The Dow Jones Industrial Average fell 1.38 points to close at 15,520.59.
Tech stocks did better Tuesday. The Nasdaq Composite gained 17.33 for its highest close in 13 years. The index closed Tuesday’s trading at 3,616.47. The S&P 500 added 0.63 points, closing at 1,685.95.
Stocks shifted between small gains and losses as the Federal Reserve began a two-day meeting, and as companies reported mixed results for the latest quarter.
Facebook is on a dizzying run in the last 5 days. The social media stock is up 44 percent since last Wednesday. Shares of the company are now just 8 cents from their IPO price of $38 after closing at $37.92.
In September of 2012, the social network’s stock hit bottom falling to just under $18 a share.
A number of analysts believe that once the stock crosses the $38 mark it could move even higher. Additionally, there is growing speculation that FB could be added to the S&P 500 next year and if that happens it would significantly broaden the company’s investor base.
In after-hours trading, Facebook shares are pulled back a bit, trading at $37.63.
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