Reddit IPO spikes, reigniting social media sector

Reddit, best known for hosting forums for users to share, discuss and vote on content, received a warm welcome on Wall Street. Shares, which trade on the New York Stock Exchange under the ticker "RDDT," rose by more than 60% after pricing at $34, the high end of the expected range. Shares settled the session with a 48% gain to $50.44 per share. The reception is a positive indicator for the social media sector, which has been experiencing an IPO dry spell.Founded in 2005 by web developer Ste