National News

Feb 19, 2013 10:04 AM by ASSOCIATED PRESS

Google's stock price breaks $800 for 1st time

SAN FRANCISCO (AP) - Google's stock price topped $800 for the first time Monday amid renewed confidence in the company's ability to reap steadily higher profits from its dominance of Internet search and prominence in the increasingly important mobile device market.

The milestone comes more than five years after Google's shares initially barreled through $700. Not long after breaking that barrier in October 2007, the economy collapsed into the worst recession since World War II and Google's stock tumbled into a prolonged malaise that eventually led to a change in leadership.

Besides enriching Google's employees and other shareholders, the company's resurgent stock is an implicit endorsement of co-founder Larry Page. Google Inc.'s stock has now risen by about 35 percent since Page replaced Eric Schmidt as CEO in April 2011.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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