BUSINESS

US stocks edge higher at midday as e-commerce giant Alibaba debuts on NYSE

09/19/2014 12:11 EDT | Updated 06/16/2017 01:01 EDT
NEW YORK, N.Y. - U.S. stocks are slightly higher at midday after Chinese e-commerce giant Alibaba made its big debut in the market.

The Dow Jones industrial average rose 27 points, or 0.2 per cent, to 17,293 as of 12:03 p.m. Friday, above its all-time closing high from the day before. The Standard & Poor's 500 index edged up less than one point, or 0.1 per cent, to 2,012, above its own record from the previous day.

The Nasdaq fell nine points, or 0.2 per cent, to 4,583.

Alibaba surged as it began trading on the New York Stock Exchange just before noon. It traded at $98 minutes after its debut, a 44 per cent rise from its initial public offering of $68 a share.