Facebook shares continue their slide

As Facebook's stock fell to $19.16 on Tuesday, Aug. 21, 2012. Its initial price on May 18th was $38.

(AP) NEW YORK - After a brief reprieve in morning trading, Facebook's stock (FB) once again closed lower on Wednesday, nearly $10 below its initial public offering price.

Shares of Facebook Inc. dropped 65 cents, or 2.3 percent, to close at $28.19. It got some relief earlier in the day, going as high as $29.55.

Wednesday's close is down about 26 percent from the stock's IPO price of $38. Facebook began trading on the Nasdaq Stock Market on May 18. The day started with a delay due to trading market glitches and didn't get much better from there.

Wednesday was a down day for the broader market as well, with the Dow Jones industrial average closing down 161 points. Other social media stocks, such as Zynga Inc. (ZNGA) and Yelp Inc., also headed lower.

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