NEW YORK, May 18, 2012 (AFP) - US stocks slumped Friday as Facebook's highly anticipated record market debut disappointed, adding to bearish sentiment about Europe's financial woes.
The Dow Jones Industrial Average dropped 74.70 points, or 0.60 percent, to 12,367.79 in closing trade.
The S&P 500-stock index shed 9.77 (0.75 percent) to 1,295.09.
The tech-rich Nasdaq, where Facebook's shares began trading under the FB ticker, tumbled 34.90 (1.24 percent) to 2,778.79.
Facebook rose just 37 cents, or 0.97 percent, over its initial public offering price of $38.
The IPO gave the social media networking giant a dizzying value of $104 billion.
Facebook raised $16 billion from the share offering, making it the richest IPO after financial giant Visa in 2008, according to Renaissance Capital.
bur-vs/pmh
