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Monday, February 04, 2013

New High for Google Stock

Story first appeared on USA Today -

Google's stock climbed to a new high Friday as Wall Street's best known indexes approached record territory, too.

The shares of the Internet search giant peaked at $776.70 during the afternoon to eclipse the stock's previous record of $774.38 reached in early October. It closed Friday at $775.60, up $19.91, or 2.6% for the session. The company, based in Mountain View, Calif., went public at $85 a share in August 2004.

Meanwhile, the benchmark Dow Jones industrial average closed above 14,000 Friday for first time since October 2007 — near the bellwether's all-time high of 14,164. The broader Standard & Poor's 500 index, which includes Google, was up 1% and also flirting with a record high.

The stock market's rising tide isn't lifting all companies. For instance, the stock of Google rival Apple is 36% below the peak price it reached in September. Apple's shares shed another $1.87 Friday to close at $453.62.

Google's stock has been on the upswing since the company reported fourth-quarter earnings 10 days ago. Google is still enjoying strong growth in Internet advertising as it extends its reach to smartphones and tablet computers.