Facebook rose above its $38 initial public offering price for the first time since its debut trading day last night, capping a 14-month comeback fuelled by innovations in mobile advertising.
Facebook climbed as high as $38.31, an intraday price not seen since the May 18, 2012 IPO. The shares retreated 2.2 per cent to $36.80 at the close in New York, leaving them up 38 per cent this year. Facebook had tumbled to a low of $17.55 in September.
The stock is still...
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