Google stock hits record $600 for first time

Google's stock price sailed past $600 for the first time, extending a month-long rally propelled by the lofty expectations surrounding the Internet search leader's upcoming third-quarter earnings report, an Associated Press report said.

The Associated Press report said the company's shares traded as high as $610.26 before slipping back to $609.62, a gain of $15.57, or 2.6%.

It marked the sixth time in the past 12 trading sessions that the stock has reached a new peak, indicating investors are confident Google's third-quarter profit will be impressive, the report said.

The results are scheduled to be released October 18, the report further said.

The latest milestone served as yet another reminder of the immense wealth created since Google went public in August 2004.

The shares have increased more than sevenfold from their initial public offering price of $85, bringing the nine-year-old company's market value to $190 billion, eclipsing bigger, more mature businesses like Wal-Mart Stores, Coca-Cola, Hewlett-Packard and IBM, the report added.

It took 10 1/2 months for Google's stock to leap from $500 to $600 and more than a year for the journey from $400 to $500, the report further said.