JavaScript is off. Please enable to view full site.

Google soars past $1,000, taking S&P 500 to new high

Google soars past $1,000, taking S&P 500 to new high

Saturday, October 19, 2013, 09:15 GMT+7

Google's strong earnings sent its shares rocketing past the $1,000 mark Friday, taking the S&P 500 to a new all-time high and giving the Nasdaq a 1.3 percent gain.

But earnings disappointments continued to weigh down the Dow, which barely managed a gain for the day. The S&P 500 finished with a gain of 11.35 points (0.65 percent) at 1,744.50.

The Dow Jones Industrial Average put on 28.00 (0.18 percent) at 15,399.65.

The Nasdaq Composite -- which includes Google -- jumped 51.13 (1.32 percent) to 3,914.28, its highest level since September 2000.

Google shares shot up 13.8 percent to $1,011.41 after the dominant online search and ads company reported a 36 percent jump in its third-quarter net profit to $2.97 billion, or $8.75 a share. Revenues also beat forecasts with a 12 percent jump year-on-year.

Analysts said the performance demonstrated Google's ability to earn from mobile platforms, particularly its own Android operating system.

"We are closing in on our goal of a beautiful, simple, and intuitive experience regardless of your device," Google chief Larry Page told analysts.

Google's success pulled fellow Internet giants with it: Facebook (+3.9 percent), Amazon (+5.8 percent) and Yahoo (+2.1 percent).

On the sagging Dow, General Electric was a standout, gaining 3.5 percent after it beat forecasts in its third-quarter earnings.

The US industrial group reported a 9 percent fall in earnings, mainly due to the downsizing of its financing arm GE Capital. But operating earnings came in at 36 cents per share, one cent more than analysts had expected.

Still, falls by United Health (-3.7 percent) and Home Depot (-1.4 percent) held back the Dow 30.

Mexican-food chain Chipotle meanwhile put on 16.1 percent after impressing investors with an 18 percent revenue rise for the third quarter and a 6.2 percent gain in same-store sales.

Bond prices were flat after two days of strong gains. The 10-year Treasury yield held at 2.59 percent from late Thursday, while the 30-year was at 3.66 percent.

Bond prices and yields move inversely.

AFP

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news