The Dow Jones Industrial Average
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 debuted on Wall Street at $92.70 a share in the largest IPO ever with market capitalization at $227 billion. Shares of Alibaba closed up 38.07% to $93.89 from its IPO price on its first day.
Chief market analyst Andrew Wilkinson at Interactive Brokers said all eyes today were firmly fixed on the Alibaba IPO and how much of a pop it would get at the open. He added, "There was little fresh economic data to derail the recent bullish run and investors were encouraged to riskier bets this week after the Fed signaled it was in no hurry to raise interest rates and the favorable 'no' vote among Scottish voters. It remains difficult to see what catalyst will suddenly undermine investors' enthusiasm, especially when government bond yields remain so low."