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Wednesday
Jul312013

US Stocks Close Lower; Facebook Shares Up for July

Hemera/Thinkstock(NEW YORK) -- The Dow Jones Industrial Average rallied on Wednesday to hit a record high, but fell flat just before the closing bell and after the Federal Reserve said it was going to maintain its bond-buying program to continue to spur the economy. The blue chips index lost 21 points to close at 15,499.54. Still, the Dow had its best July since 2010.

The S&P 500 lost a fraction of a point to end the session at 1,685.73, and the Nasdaq Composite gained 9.90 points to finish at 3,626.37.

Meanwhile, Facebook's stock price Wednesday passed its IPO price of $38 for the first time since the social media company went public more than a year ago.  

Shares of the world's biggest social network have been on a tear since last week's stronger than expected earnings announcement. The stock was up 44 percent in the past six trading sessions. And since it bottomed out last September, shares have more than doubled.

Facebook stock closed down 2.2 percent to $36.80 on Wednesday. Shares are still up 48 percent for the month of July.

Copyright 2013 ABC News Radio