Facebook Inc (FB) Tops $38 IPO Price Since Debut As Dow Rallies 100 Points To Hit New Record

Category: Companies / Jul 31, 2013 10:49AM EDT

Wall Street rose at the open as a report showed the U.S. economy beat expectations and grew more than expected in the second-quarter before the Federal Reserve announces monetary policy at 2 p.m. Eastern on Wednesday. Comcast Corporation (Nasdaq: CMCSA) rose 5.36 percent to $45.00 a share after posting earnings that topped analyst estimates. Facebook Inc (Nasdaq: FB) rose above its $38 initial public offering (IPO) price for the first time since its debut trading day. Shares of Facebook rose 1.2 percent to $38.08 in morning trading Wednesday. As of 10:45 a.m. Eastern, the Dow Jones industrial average rallied 102.34 points or 0.66 percent, to 15,622.93. The S&P 500 rose 10.03 points or 0.59 percent, to 1,695.99. The Nasdaq Composite added 19.33 points or 0.53 percent, to 3,635.80.