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Stocks higher on Wall Street; Facebook falls
Posted: May 21, 2012 9:05 AM by Associated Press
NEW YORK (AP) - Stocks have begun the trading day higher on Wall Street after a new survey suggested that economists are more optimistic about housing and employment. Facebook slid below its initial offering price.
The most recent report from the National Association for Business Economists showed that its forecasters expect modest growth for the remainder of the year, with the pace picking up in 2013.
Meanwhile, Facebook's stock has been tumbling. It lost more than 10 percent in early trading, falling as low as $33 at one point, well below the $38 IPO price.
One analyst says it looks like underwriters overestimated demand for Facebook share. Overall, stocks have been making gains, with the Nasdaq, the S&P 500 and the Dow all higher.
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