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Facebook trading sets record IPO volume
NEW YORK (CNNMoney) -- Facebook's stock market debut finally came and went -- but for all the breathless hype, shares ended right near their offering price. On Thursday night, Facebook (FB) set its final IPO price at $38 a share. When the stock began trading at 11:30 a.m. ET on Friday, the first trade came in at $42.05 per share -- a gain of nearly 11%. But the stock quickly reversed course, dropping down to hover right around the $38 IPO price for much of midday trading. Though shares rose modestly for short bursts of time throughout the day, they ended the session at $38.23. While the price itself didn't move much, trading was fast and intense. More than 80 million shares changed hands in the first 30 seconds of trading. By the end of the day, volume had spiked to around 567 million shares. That easily set a new volume record for IPOs, smashing the previous record that automaker General Motors (GM, Fortune 500) set in 2010 with trading of around 450 million sh...
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