Friday, February 01, 2013 4:38 pm
Google's stock rides latest rally to new high
The Associated Press
The shares of the Internet search leader 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 percent for the session. The company, based in Mountain View, Calif., went public at $85 a share in Aug. 2004.
Meanwhile the 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 Inc., was up about 1 percent and also flirting with a record.
The stock market's rising tide isn't lifting all companies. For instance, the stock of Google rival Apple Inc. is 36 percent 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.