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Facebook’s stock market debut finally came and went — but for all the breathless hype, shares ended right near their offering price.

On Thursday night, Facebook () set its final IPO price at $38 a share. When the stock began trading at 11:30 a.m. ET on Friday, the first trade came in at $42.05 per share — a gain of nearly 11%.

What is an IPO?

But the stock quickly reversed course, dropping down to hover right around the $38 IPO price for much of midday trading. Though shares rose modestly for short bursts of time throughout the day, they ended the session at $38.23.

While the price itself didn’t move much, trading was fast and intense. More than 80 million shares changed hands in the first 30 seconds of trading. By the end of the day, volume had spiked to around 567 million shares.

That easily set a new volume record for IPOs, smashing the previous record that automaker General Motors (, Fortune 500) set in 2010 with trading of around 450 million shares.

Facebook’s trading had been expected to start around 11 a.m. ET, but the opening was delayed.

Facebook founder and CEO Mark Zuckerberg rang the Nasdaq opening bell remotely, from the company’s headquarters in California. Facebook celebrated its public debut by gathering its staff Thursday night for an all-night hackathon.

At the $38 IPO price, Facebook is on track to raise $16 billion — making it the largest tech IPO in history. It’s the third largest U.S. IPO ever, trailing only the $19.7 billion raised by Visa (, Fortune 500) in March 2008 and the $18.1 billion raised by automaker GM in November 2010, according to rankings by Thomson Reuters.

Underwriters have the option to purchase an extra 63.2 million shares to cover any so-called over-allotments for excess demand. If that happens, Facebook will sell 484.4 million shares in total. That would bring the amount raised to $18.4 billion.

How much Facebook is worth: At $38 per share, Facebook’s market capitalization would be around $81 billion on IPO day.

Many Facebook employees and executives hold unexercised stock options. If all of those shares were exercised, Facebook’s outstanding share count would rise to around 2.8 billion — pushing the company’s total valuation closer to $107 billion.

Among all global companies, Facebook has the third-highest IPO-day valuation in history, according to data from DealLogic.

SecondMarket, an exchange on which people can buy and sell stock in private companies, posted data on Friday about Facebook’s private-trading history.

It wasn’t until 2010 that SecondMarket’s Facebook trades racked up significant volume, so Facebook’s trades before that tended to be one-off deals at a low per-share price. In April 2010, Facebook fetched an average price of $9.82 per share on a monthly average basis. One year later, the rate jumped to $31.46.

As of April 5, Facebook shares were trading for an average of $42.72 each — nearly $4 higher than the IPO price.

Who’s selling shares: Zuckerberg plans to sell 30.2 million shares in the IPO offering. That will net Zuckerberg about $1.1 billion.

But Zuckerberg won’t be hanging on to his cash. Facebook said he will use the "substantial majority" of the windfall to cover the massive tax bill he’ll be hit with, thanks to his plan to exercise a large stock-options grant that will increase his ownership stake in the company he founded.

After the offering, Zuckerberg will still hold 503.6 million shares, or about 31% of the company. That stake is worth $19.1 billion at the IPO price.

Venture capital firm Accel Partners, which is the largest shareholder outside of Zuckerberg, is selling 49 million shares in the offering. That’s about a quarter of its Facebook holdings.

– CNNMoney’s Chris Isidore and Maureen Farrell contributed reporting. 

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ST. LOUIS •Two Israeli citizens pleaded guilty Monday and were sentenced for sending more than 9,000 shipments of unapproved prescription drugs worth more than $1.4 million to the U.S., the U.S. Attorney’s office said Tuesday morning.

Benny Carmi, 58, was sentenced Monday afternoon to 10 months in prison, fined $30,000 and agreed to forfeit $50,000 for introducing misbranded prescription drugs into interstate commerce, smuggling prescription drugs into the United States, and selling counterfeit prescription drugs, prosecutors said..

Moshe Dahan, 37, was sentenced to a year of probation, fined $15,000 and agreed to forfeit $15,000 for smuggling prescription drugs.

Carmi and Dahan ran an online prescription drug business that operated under a number of names, including “allpillsrx.com,” “newpharm.net,” “pharmacy-online.com,” “pricepills.com,” and “pharmacy-pal.com,” prosecutors said. They have agreed to forfeit those names.

The websites sold popular drugs including those used to aid weight loss or treat erectile dysfunction, and did not require a prescription, prosecutors said.

But they were also selling drugs that were manufactured in unapproved plants and were not approved for sale in the U.S., prosecutors said, including some that were not of the full potency advertised, according to lab tests of drugs obtained through undercover purchases guaranteed unsecured personal loan.

They also hid the shipments from authorities by labeling them “gifts” and claiming that they had no value.

Dahan, also known as Mark Young, and Carmi sent just over 9,000 shipments of pharmaceuticals to customers, including almost 100 in Missouri.

After investigators traveled to Israel and executed search warrants related to the companies, Carmi and Dahan agreed to waive extradition and appear in U.S. District Court in St. Louis Monday to plead guilty and be sentenced with the help of a Hebrew interpreter.

“Counterfeit pharmaceuticals pose a very serious threat to our public health and safety,” said Gary Hartwig, head of Immigration and Customs Enforcement’s Homeland Security Investigations office in Chicago, which worked the case with the U.S. Food and Drug Administration’s Office of Criminal Investigations and Israeli police. “People shouldn’t have to put their health in jeopardy because they bought a prescription drug online that is fake, substandard, tainted or untested,” Hartwig’s prepared statement said.

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FRANKFURT, Germany _ Europe is searching for something to get growth going again and pull the eurozone’s heavily indebted countries out of their troubles _ but with little luck.

Unemployment and manufacturing indicators suggest the 17 countries that use the euro are headed for an official recession. Adding to these worrying signs is the realization that many of the traditional tools to give growth a shove _ government spending, tax cuts and lower central bank interest rates _ are off the table.

The absence of growth will be a big concern for European Central Bank President Mario Draghi and the bank’s governing council when they meet Wednesday to decide the eurozone’s benchmark refinancing rate. No change in the rate _ which is at a record low of 1 percent _ is expected this time around.

A recent round of economic indicators will be prominent in the governing council’s minds when it meets. On Monday, the Markit index of industrial activity for the eurozone strongly suggested that the region’s economy is still contracting after shrinking 0.3 percent in the last three months of 2011. Two straight quarters of falling output are a common definition of recession. Meanwhile, unemployment across the 17-country group crept up to a record 10.8 percent, official figures also released on Monday showed. And national jobless rates paint an even more disturbing picture _ especially among the countries hit worst by the debt crisis: Spain at 23.6 percent unemployed, Greece 21.0 percent, Ireland 14.7 percent.

The European Union’s executive commission estimates that the eurozone economy will shrink by 0.3 percent this year, while Greece faces shrinkage of 4.4 percent in the fifth year of a deep recession. Italy faces 1.3 drop in output according to commission forecasts while Spain will fall 1.0 percent.

Short-term answers are scarce. The debt crisis hitting the eurozone means governments can no longer spend their way out of a downturn_ in fact, they are doing the opposite and embarking on rounds of austerity cuts.

On top of this, the ECB is restrained from cutting interest rates by the eurozone’s stubbornly high inflation rate, which has been pushed up oil prices and some taxes to 2.6 percent. The ECB is concentrating on getting price increases down to under 2 percent and lowering interest rates would push inflation up.

The region could even face the prospect of so-called “stagflation” _ a period of no or very little economic growth accompanied by inflation _ according to Carsten Brzeski, an economist at ING.

“The fact that the recovery of the eurozone economy would be slow and bumpy was already clear,” Brzeski wrote in a note to investors.

“Now, high energy prices have even increased the risk of stagflation in the eurozone, a worst-case scenario which should cause concern at the Eurotower in coming months” _ a reference to the ECB’s Frankfurt skyscraper headquarters payday loans.

Brzeski adds that the stubborn inflation rate meant that “further rate cuts should be off the table”.

Another weapon in the ECB’s arsenal has also put beyond use. The (EURO)1 trillion program of “all-you-can-eat” loans to banks in December and February did manage to take some heat off the debt crisis that was crippling governments including Spain and Italy. Some banks used the cheap money flooding the markets to snap up government debt. The program has helped lower costs at which governments borrow on the financial markets and stopped the recession from becoming much deeper.

But the ECB loans are seen as a stopgap at best. The bank is currently in a holding pattern before it can start further, similar, measures as it waits to see whether that money finds its way through to loans to businesses and the wider economy.

The problem remains: Countries that don’t slash spending risk being unable to borrow money from bond investors because the borrowing costs set by those investors _ the so-called yields _ are too high. Once they are of cut off from the bond market by prohibitively high yields, a bailout is the only alternative to default. Greece, Ireland and Portugal have already been forced to seek help from the other eurozone member countries and the International Monetary Fund.

Spanish and Italian yields were hitting the dangerously high levels around 7 percent late last year before the ECB stepped in with its cheap loans. The countries’ yields dropped to more manageable levels, but are beginning to creep up again. Spanish 10-year bond yields have edged up to 5.42 percent on Tuesday, from under 5 percent a month ago. Italy’s 10-year bonds yielded 5.15 percent, also up from under 5 percent last month.

The solution to the debt crisis, eurozone officials, the ECB and economists all say, is structural reforms to make indebted countries more business-friendly by slashing regulation and eliminating costly restrictive labour practices.

As the economy gets bigger, the relative size of the debt pile shrinks, and higher tax revenues and stronger finances reassure bond investors _ so they will loan money at affordable rates.

But those changes to labor markets take time to win approval in parliaments _ often against resistance from labor and business special interests. Then they may years to show results in terms of higher growth.

“The kind of structural reforms that we are talking about will take five, six, seven years to really have a full impact,” said Guntram Wolff, deputy director of the Bruegel research institute in Brussels.

For short-term growth, aside from the ECB loans, “we really don’t have a story there,” Wolff warns.

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Two prominent liberal politicians have pulled out from a panel tasked with drafting a new constitution after Islamists won a majority of seats on the body.

The 100-member panel selected over the weekend includes nearly 60 Islamists and only six women and six minority Christians. The members were chosen by parliament’s two chambers, where Islamists have a majority.

The two pulling out are independent lawmaker Amr Hamzawy and veteran Christian activist Mona Makram Obeid paperless payday loans.

They announced they were quitting the panel on Monday on their Twitter accounts.

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The economy grew at a slightly faster pace in the final three months of last year, and Americans earned more income than previously reported. That could set the stage for stronger growth this year.

The Commerce Department said Wednesday that the economy expanded at a 3 percent annual rate in the October-December quarter _ the fastest pace since the spring of 2010. It exceeded the previous estimate of 2.8 percent. And it was better than the third quarter’s 1.8 percent growth rate.

The growth estimate was revised up because consumers spent more than first thought, and businesses cut spending by much less. Imports rose by a smaller amount.

The report also showed that incomes rose in the second half of last year by more than previously estimated. Americans saved more, too.

Much of the growth in the fourth quarter was driven by companies restocking their shelves. Many had cut their inventories over the summer, when they thought the economy was on the verge of a recession.

That didn’t happen. In fact, the economy has steadily improved since then. Still, companies likely scaled back the pace of their restocking at the start of the year to match the pace of consumer spending. That should slow growth in the current quarter.

Economists predict growth at an annual pace of 2 percent in the January-March quarter, according to a survey by the National Association of Business Economics. Growth will reach 2.4 percent for the full year, up from 2011’s increase of 1.7 percent, the survey found.

A host of recent data has made many analysts more optimistic about this year’s prospects. Companies have stepped up hiring, pushing the unemployment rate down for five straight months to 8.3 percent.

U.S. factories boosted output last month and December was their strongest month of growth in five years. Consumer confidence rose to its highest point in a year this month, the Conference Board reported Tuesday. That could signal Americans are ready to step up spending, which would fuel more growth. Consumer spending accounts for 70 percent of economic activity.

Some trends likely to slow growth in the current quarter are still good for consumers. The warm winter weather will likely mean Americans won’t have to spend as much to heat their homes. But that technically will lower the economy’s growth rate.

The economy was held back in the fourth quarter by a big drop in government defense spending. Defense spending is unlikely to be much of a factor in the current quarter, economists say.

Growth could be slowed or even derailed this year by rising gas prices, which have jumped 30 cents in the past month. That forces consumers to spend more for the same amount of gas and leaves less money for other purchases. A sharp rise in gas prices early last year choked off growth after companies began the year with a burst of hiring.

But so far, the increase isn’t enough to cause a repeat of last year’s disappointment, economists say. With hiring accelerating and incomes higher, consumers are better able to afford higher prices at the pump.

And the prices of other goods also jumped last year, particularly food, as well as other energy sources such as natural gas. But natural gas costs have plummeted recently while food prices are rising at a much slower pace. Those trends should offset some of the squeeze on spending from pricier gas.

The government makes three estimates of the gross domestic product for each quarter. The GDP is the economy’s total output of goods and services and includes everything from autos to utility output to haircuts. Each revision is based on more complete economic data.

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Greece’s prime minister will hold new talks with representatives of the country’s private sector creditors on a crucial euro100 billion ($129 billion) debt writedown.

Lucas Papademos will meet late Thursday with Charles Dallara, managing director of the Institute of International Finance, a banking lobby, and Jean Lemierre, senior adviser to the chairman of French bank BNP Paribas.

Greece is hoping to conclude the negotiations by the end of this week, despite disagreements over the terms of the deal.

An IIF statement Wednesday said the goal is to agree on all outstanding legal and technical issues as soon as possible.

The private debt writedown is a vital part of a new bailout for Greece, which has been surviving on international rescue loans since May 2010.

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President Barack Obama planted his political flag in Florida on Thursday ahead of the state’s Jan. 31 Republican presidential primary, promising a fresh boost to the economy by making it easier for foreign tourists to travel to the U.S.

Obama sought his piece of Florida’s political spotlight with a high-profile appearance at Walt Disney World, where he announced initiatives aimed at making it easier for citizens of China and Brazil to visit the United States.

“America is open for business,” Obama declared against the backdrop of Disney’s Cinderella castle and picture-perfect blue skies. “We want to welcome you.”

From Florida, Obama headed to New York City for four glitzy campaign fundraisers, including an event at the famed Apollo Theater featuring performances by Al Green and India.Arie. Tickets to that fundraiser start at $100.

The president also was to attend a $35,800 per ticket fundraiser at the home of film director Spike Lee, and two small fundraisers at Daniel, an exclusive Manhattan restaurant. Tickets start at $5,000 for the first restaurant fundraiser and $15,000 for the second. Obama raised more than $220 million for his campaign and the Democratic National Committee through the end of 2011.

Beyond offering an opportunity to talk about the economy, Obama’s trip to Florida marked an attempt by the White House and his campaign to steal attention from Republicans vying for the GOP presidential nomination. In recent weeks Obama held a live video conference with Iowa voters during the Republican caucus, Vice President Joe Biden held a similar event with voters in New Hampshire on the night of the state’s first-in-the-nation primary and next week Obama will travel to Nevada, which follows Florida on the primary calendar.

Obama was greeted in the Orlando area by ads from GOP frontrunner Mitt Romney blaming the president for the state’s struggling economy. Romney, the former Massachusetts governor, could take a major step toward securing the Republican nomination with a win in Florida’s Jan. 31 primary contest.

“I have a simple question for you: Where are the jobs?” Romney wrote in an open letter to the president on Thursday running as an ad in the Tampa Bay Times. In a conference call with reporters, Romney said Obama was “speaking from Fantasyland.”

While Obama carried Florida in 2008, the state is a top target for Republicans in the November elections. Florida twice backed Republican George W. Bush, providing the decisive electoral votes in the cliffhanger 2000 election that was decided after a 36-day recount payday loan lenders.

Tourism is a key component to the economy in Florida, which has been battered by 10 percent unemployment and rampant home foreclosures.

The White House said more than 1 million U.S. jobs could be created over the next decade, according to industry projections, if the U.S. increases its share of the international travel market.

The tourism initiative is part of an executive order Obama signed. Its goal is to boost nonimmigrant visa processing capacity in China and Brazil by 40 percent this year; expand a Visa Waiver Program that allows participating nationals to travel to the U.S. for stays of 90 days or less without a visa; appoint a new group of chief executives to the U.S. Travel and Tourism Advisory Board; and direct an interagency task force to develop recommendations for a National Travel and Tourism Strategy, including promoting national parks and other sites.

The efforts to boost tourism were praised by travel and tourism groups, but one lawmaker said the decision to relax tourist visas could undermine national security. Sen. Charles Grassley, R-Iowa, said the administration was “pushing the envelope and using their authority beyond congressional intent,” noting that only two of the 19 hijackers in the 9/11 terrorist attacks were interviewed by consular offices. He said Congress moved to require visa applicants to be interviewed as a result.

The White House says the travel and tourism industry represented 2.7 percent of gross domestic product and 7.5 million jobs in 2010. But the U.S. share of spending by international travelers fell from 17 percent to 11 percent between 2000 and 2010, due to increased competition and changes in global development, as well as security measures imposed after Sept. 11, 2001, according to the White House.

The approach was welcomed by Brazilian tourists Lilian Lara and Lindbergh Souza, who shopped along the resort’s streets hours before the president’s speech. Souza said the visa process was expensive, at $500, and time-consuming for Brazilians who don’t live close to consuls in Rio de Janiero and Sao Paulo. “The whole process took me six months,” Souza said.

___

Associated Press writer Mike Schneider contributed to this report.

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President Barack Obama