Trying times for the stock market
Today, Standard & Poor’s decided to downgrade the credit rating of long-term U.S. debt and the stock market responded negatively, with the Dow Jones dropping below 11,000 as sell-off continues.
The newest real estate related stock to go IPO is Zillow.com which some speculated would not perform well in a down economy, yet they opened on June 20th at $20 per share, well above their original $12-$14 bid speculated while they awaited SEC approval.
While looking at stock symbol “Z” since their debut on the stock market, it looks dismal as the graph shows a dip after skyrocketing early on, but despite dropping $2.07 today during the sell offs, the Z stock still closed at $26.09, well above their original opening price:
Zillow may have taken a small hit today as the market went wild, but nothing that would indicate an unhealthy stock. Early investors that got in at $20 are still up, so Zillow is looking good.