NEW YORK - The biggest Internet initial public offering since Google combined with a drop in oil prices to send the broad stock market higher.
Shares of social networking company LinkedIn jumped 109 percent to $94.25 on the first day they began trading on the New York Stock Exchange.
The debut is seen as a preview of other social networking sites that are expected to start trading during the next year. The list of candidates includes the online messaging service Twitter, gamemaker Zynga, and the biggest social network of all, Facebook.
"LinkedIn represents the first opportunity for the average investor to participate in what looks like a lasting, powerful trend of social media," said Lawrence Creatura, a portfolio manager at Federated Investors. "They're frothy with excitement, and that's being imputed into the share price."
The Dow Jones Industrial Average rose 45.14, or 0.4 percent, to close at 12,605.32. The S&P 500 gained 2.92, or 0.2 percent, to 1,343.60. The Nasdaq composite index rose 8.31, or 0.3 percent, to 2,823.31.
Oil prices fell back below $100 a barrel after an international agency said there is an "urgent need" for refineries to produce more gasoline and bring down pump prices in order to prevent a downturn in the global economy. Delta Air Lines rose 4.1 percent and JetBlue Airways rose 1.4 percent on expectations that their fuel costs would decrease.
Oil prices have fallen about 13 percent since the start of May as part of a broad selloff in commodities due to fears that the economy is slowing.