DETROIT (AP) -- Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years.

GM shares reached $33.77 Friday before slipping back to close at $33.42, up 3.2 percent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they've traded below that price since May 4, 2011.

GM's business is getting stronger. Two weeks ago, GM reported solid first-quarter earnings on robust sales in North America. On Friday, there were signs sales declines may have bottomed in Europe -- where GM has lost money for more than a dozen years.