Stocks rise slightly at midday as Alibaba debuts
NEW YORK (AP) — U.S. stocks are slightly higher at midday after Chinese e-commerce giant Alibaba made its big debut in the market.
The Dow Jones industrial average rose 27 points, or 0.2 percent, to 17,293 as of 12:03 p.m. Friday, above its all-time closing high from the day before. The Standard & Poor’s 500 index edged up less than one point, or 0.1 percent, to 2,012, above its own record from the previous day.
The Nasdaq fell nine points, or 0.2 percent, to 4,583.
Alibaba surged as it began trading on the New York Stock Exchange just before noon. It traded at $98 minutes after its debut, a 44 percent rise from its initial public offering of $68 a share.