Facebook tops $38 IPO price for first time since day of debut

Facebook Inc rose above its $38 initial public offering price for the first time since its debut trading day, capping a 14-month comeback fuelled by innovations in mobile advertising. Facebook increased 1.5 per cent to $38.20 at 9:31 am in New York on Wednesday, erasing losses since the May 18, 2012 IPO and rebounding from a low of $17.55 in September.