Facebook Inc.shares skidded on their second day of trading on Wall Street, falling below the initial public offering price of $38.
The stock plunged more than 13% at several points during the day, and closed just above $34.
A number of analysts on Wall Street have criticized the stock's performance, and blamed banks who advised Facebook for pricing the shares too high. There were also complaints that Facebook flooded the market by floating too many shares, and that insiders were cashing out.
However, the broader market moved higher after stocks were punished last week. According to preliminary calculations, the Dow Jones industrial average rose 135.10, or 1.09%, to 12,504.48. Meanwhile, the Nasdaq rose 68.42, or 2.5%, to 2,847.21; and the Standard & Poor's 500 index rose 20.07, or 1.5%, to 1,315.31.
The social networking juggernaut made its stock market premiere on Friday. Shares initially jumped to about $42 a share on the day of the IPO but wound up settling around their initial $38 price, disappointing investors who were hoping for a first-day pop.