Google shares reach record

first_img0.5 percentage points in a move expected to free up more money for consumers and businesses to spend. Google stands to benefit because it runs the largest ad network on the world’s hottest marketing medium, the Internet. Despite aggressive challenges by rivals such as Yahoo Inc. and Microsoft Corp., Google has been able to widen its lead in search – the activity that triggers the text-based ad links that have become a huge moneymaker. In August, Google handled 54 percent of all U.S. search requests, up 50 percent at the same time last year, according to the research firm Nielsen/NetRatings Inc. Yahoo lagged well behind at 20 percent followed by Microsoft at 13 percent. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SAN FRANCISCO – Google Inc.’s stock reached a new high Friday, reflecting Wall Street’s renewed faith in the Internet search leader as it introduces new ways for advertisers to reach its steadily expanding online audience. The shares peaked at $560.79 before falling back to finish at $560.10, up $7.27, or 1.3 percent. The rally eclipsed Google’s previous record high of $558.58 attained in mid-July, just days before the Mountain View-based company disillusioned investors with a second-quarter profit below analyst estimates. Google, founded just nine years ago, has a market value of almost $175 billion, more than long-established technology bellwethers like Hewlett-Packard Co. and IBM Corp. The stock has increased by more than sixfold from its initial public offering price of $85 in August 2004. The latest run-up in Google’s stock represents a turnaround from a little over a month ago when the shares briefly dipped below $500 amid the stock market turmoil triggered by a home mortgage meltdown that raised fears about a recession. Those worries have lessened because of the Federal Reserve Bank’s decision to lower short-term interest rates by INVESTING: Internet company exceeds $560 a share about a month after falling below $500. By Michael Liedtke THE ASSOCIATED PRESS last_img read more

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