Google shares shot past $500 Tuesday, reaching a new high, but the Nasdaq Composite Index was little moved as investors weighed an increase in oil prices.
The search giant’s shares climbed $14.60, or 3%, to $509.65 on the Nasdaq Stock Market. Investors have watched the company’s stock price closely since its $85 opening in August 2004, and several analysts raised their price targets into the $500 to $600 range after its earnings report in October.
In two years, Google’s market capitalization has grown from $30 billion to about $155 billion, making it four times bigger than the company’s closest competitor, Yahoo. Google also passed Chevron to become the 15th-largest company among the Dow Jones Wilshire 5000 components.