Business Brief

Facebook stock gets 1st close above IPO price


MENLO PARK, Calif. — Facebook’s stock has closed above its IPO price for the first time since the day the online social networking leader made its debut on Wall Street more than 14 months ago.

Facebook Inc. shares gained 56 cents to finish Friday’s session at $38.05. That’s the stock’s highest closing price since ending its first day of trading at $38.23 in May of last year.

The stock, which dropped as low as $17.55 a share in September, has been soaring since last week when Facebook reported second-quarter earnings that were better than analysts anticipated.