Google's stock price barreled through $700 for the first time, propelled by a belief that the internet search leader will become even more profitable as it plants its products and services in new markets, an Associated Press report said.
The Associated Press report said the company's shares gained $12.23 to finish at a new peak of $707. It took less than a month for the stock to leap from $600 to $700, building upon a fervor that has lifted Google's market value by 34% since mid-September, the report said.
During that 6 1/2-week stretch, Google has created an additional $55 billion in shareholder wealth, it added.
That dwarfs the total $42 billion market value of another internet icon, Yahoo, which had a 4-year head start on Google, the report further said.
Through the first 10 months of this year, Google's stock has risen by 54% from 2006's closing price of $460.48. The Standard & Poor's 500 index, which includes Google, has gained % during the same period.
The latest surge came after Google confirmed plans to become a bigger player in the internet's social networking scene, which could morph into an advertising hotbed, the report further said.