Facebook stock rebounds after dropping below $19

August 21, 2012 - 10:11 am | Category: Tech

Facebook’s beleaguered stock got an afternoon boost after hitting its lowest level ever earlier in the day.

Facebook Inc. hit a new low of $18.75 before bouncing back to $20.01 by the time the stock market closed. That’s up 96 cents, or 5 percent, for the day.

The social networking icon’s much-anticipated IPO turned sour amid technical problems on the Nasdaq stock market and high expectations. The stock has not surpassed its $38 IPO price since its first trading day.