Facebook's stock comes back to life, at least for today

Shares of the beaten-down Facebook rose today -- the first up day in eight days.

It's certainly too early to call a bottom, but shares of Facebook rallied today -- jumping more than five percent to close just above $21 a share. It was the first up day since July 24th.

Today's action might bring relief, even hope, for pretty much anyone who bought the stock since it went public on May 18. After all, the shares are still off more than 44 percent from their offering price.

Moreover, it's not like Facebook rose on any news specific to Facebook. The stock rose along with the broader marke rally, ignited by a July jobs report that offered a sign of economic hope. No matter. If that's what it takes to give a pause to Facebook's downward run, so be it. Let's see if it lasts.

Shares of Facebook rise for first time in eight days.

About the author

Paul Sloan is editor in chief of CNET News. Before joining CNET, he had been a San Francisco-based correspondent for Fortune magazine, an editor at large for Business 2.0 magazine, and a senior producer for CNN. When his fingers aren't on a keyboard, they're usually on a guitar. Email him here.

 

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