The stock traded as high as $99.70 before paring gains. Most recently the stock was trading at $92.57.
Alibaba began trading at 11:53 a.m. EDT on the New York Stock Exchange after the e-commerce giant's initial public offering on Thursday was priced at $68 a share, the top of the expected price range. The IPO values Alibaba at about $168 billion, which is bigger than the current market value of companies such as Amazon (AMZN) , Cisco (CSCO) , and eBay (EBAY) .
Alibaba's market capitalization is now at $222 billion, making it one of the largest U.S.-listed companies, with a larger market capitalization than Amazon. Shares of Alibaba were up 35.1% from its IPO price.
Watch the video below for a closer look at how U.S. markets are doing in midday trading Friday:
The Dow Jones Industrial Average
"I have a dream that in the next 15 years, the world changes because of us," Alibaba's Executive Chairman Jack Ma told CNBC as the markets awaited for the shares to begin trading. He said the company will use proceeds to "make sure that other people get rich."